SoftBank-backed company, OPay Limited, has terminated its planned initial public offering (IPO) on the New York Stock Exchange (NYSE) following a regulatory inquiry in a foreign jurisdiction, halting its planned entry into the US capital market.
The fintech company which raised $304 million in its IPO said it reached a mutual agreement with its underwriters to terminate the underwriting agreement signed on October 29, 2026, after deciding that postponing the offering was the most prudent course of action.
As a result, its American depositary shares (ADSs) will not begin trading on the NYSE as previously scheduled.
In a statement on Friday, OPay said the inquiry relates to a jurisdiction that is immaterial to its core business operations and expressed confidence that the matter would be resolved satisfactorily in the near future.
The company, valued at over $4 billion, did not identify the jurisdiction or provide further details about the nature of the inquiry.
OPay said the development should not be interpreted as a reflection of its business performance, financial condition, operational integrity or regulatory standing, adding that it was engaging relevant stakeholders to facilitate an early resolution.
The company also said the decision would not affect its operations or service delivery in Nigeria and other markets where it operates, including Indonesia, Egypt and Pakistan.
‘OPay continues to operate normally and remains fully committed to its customers, merchants, agents, business partners, employees, and the broader digital financial ecosystem,’ the company said.
The development interrupts OPay’s planned access to international capital markets, although the company has not indicated whether or when it would revive the offering.
OPay said its long-term commitment to Nigeria remained unchanged, adding that it would continue investing in the country’s digital financial services sector, promoting financial inclusion and supporting the growth of the digital economy.
The company said it would provide further updates as material developments occur.