OPay Limited, the SoftBank-backed fintech, has withdrawn its planned initial public offering on the New York Stock Exchange on the day its shares were due to begin trading, citing a regulatory inquiry in a foreign jurisdiction it has not named.
The company said it and its underwriters mutually agreed to terminate the underwriting agreement dated October 29, 2026, so the offering will not be completed. Reuters reported that OPay had priced 16 million American depositary shares at $19 each, the bottom of its $19 to $21 range, valuing the company at about $4 billion. That implied proceeds of $304 million.
In a statement sent to Condia, OPay described the jurisdiction as immaterial to its core business operations and said it expects the inquiry to be resolved satisfactorily in the near future. The company said its decision followed careful consideration and discussions with the underwriters, adding that it considered not proceeding with the offering at this time the most prudent course of action.
OPay also stated that the development should not be interpreted as a reflection of its business performance, financial condition, operational integrity or regulatory standing.
OPay did not identify the jurisdiction, the regulator involved or the nature of the inquiry. It said the matter was being addressed through appropriate channels and that it was engaging relevant stakeholders to facilitate an early resolution.
What the filing showed
OPay’s registration statement, filed with the US Securities and Exchange Commission on October 9, describes a business that turned profitable within a year. Revenue rose to $536.3 million in 2025 from $205.7 million in 2024, and net income reached $72.5 million after a loss of $50.8 million. In the first half of 2026, revenue was $467.1 million and net income $90.9 million.
Volumes grew just as fast. Gross transaction value reached $358.0 billion in 2025, up from $166.2 billion, and monthly active users rose from 25.1 million to 39.3 million. By July 31, the company counted 50.1 million monthly active users.
Nigeria is OPay’s core market. It generated 88.1% of 2025 revenue and 89.5% in the first half of 2026. Lending is the largest revenue line, with loan financing services bringing in $260.3 million in 2025, nearly half of total revenue. The company also set aside $121.3 million for expected credit losses that year. The filing gives the other side: the share of loans over 90 days or more overdue was 5.2% at the end of 2025 and 4.3% as of June 30, 2026.
What happens next
The statement does not say what happens to arrangements tied to the offering. The filing had Stanbic Africa Holdings, part of Standard Bank Group, agreeing to buy up to $200 million of shares in a concurrent private placement, subject to the offering closing and to regulatory approvals. Standard Bank was also among the underwriters, alongside Citigroup, Deutsche Bank and CICC.
A planned secondary listing on the Nigerian Exchange was meant to follow the NYSE debut.
OPay said it will provide further updates as material developments occur.
Last updated: October 31, 2026
