OPay Raises $304m in US IPO, Valued at $4bn, Puts Trading on Hold

•⁠  ⁠Fintech sells 16m shares at $19 apiece, rings NYSE opening bell

Nume Ekeghe and Sunday Ehigiator
SoftBank-backed Nigerian fintech company, OPay, has raised $304 million through its initial public offering (IPO) in the United States, securing a valuation of approximately $4 billion, but has temporarily suspended the commencement of trading in its shares over an outstanding regulatory requirement in a foreign jurisdiction.

The company, which marked its listing yesterday by ringing the opening bell at the New York Stock Exchange (NYSE), said the temporary hold should not be interpreted as a cancellation, rejection or reversal of its successful listing.
OPay’s Co-Chief Executive Officer, Lars Rahbaek Boilesen, and Shamsuddeen Usman represented the fintech company at the NYSE ceremony.

According to Reuters, OPay sold 16 million American depositary shares at $19 each, raising $304 million. The offer price was at the lower end of its targeted range of $19 to $21 per share, giving the company a valuation of about $4 billion.
The listing comes amid growing demand for digital financial services across emerging markets, particularly economies where gaps in traditional banking infrastructure continue to create opportunities for fintech operators.

Reuters reported that the offering took place against a backdrop of stubborn inflation and a sell-off in AI-related stocks, which had weighed on investor sentiment and prompted some companies to delay their listing plans amid market volatility and valuation concerns.
However, in a statement obtained by THISDAY yesterday, OPay said following the successful completion of its NYSE listing process on October 30, 2026, an outstanding regulatory clarification relating to an additional approval requirement in a foreign jurisdiction had emerged.

The company explained that the requirement concerned the need for a formal regulatory No-Objection in connection with its listing in the United States.
Pending the resolution of the procedural requirement, OPay said it had decided to place a temporary hold on the commencement of trading in its shares.

It stressed that the outstanding requirement fell outside Nigeria’s regulatory framework and jurisdiction and was being addressed through the appropriate channels.
“The Company wishes to emphasise that this development should not be misconstrued as a cancellation, rejection or reversal of its successful NYSE listing. Rather, it relates to an outstanding regulatory requirement in a foreign jurisdiction, which is being addressed through the appropriate channels,” the statement said.

OPay expressed confidence that the matter would be resolved in due course, adding that it was actively engaging relevant stakeholders to facilitate an early resolution.
The company also assured customers and business partners that the development had no impact on its business operations, regulatory standing or service delivery in Nigeria.
It said it continued to operate normally and remained committed to its Nigerian customers, merchants, agents, business partners and the broader financial ecosystem.

“OPay’s commitment to Nigeria remains unwavering. The Company will continue to deepen its investments in the country’s digital financial services sector, promote financial inclusion, support economic growth and contribute to the development of Nigeria’s digital economy,” it stated.

Founded in 2018, OPay provides digital financial services across emerging economies, including Nigeria and Indonesia. Its platform offers payments, money transfers, savings and loans through a single application, targeting markets where limited access to conventional banking services often makes everyday financial transactions difficult.

According to its IPO prospectus, OPay had approximately 50 million monthly active users as of July 31, reflecting the scale of its customer base as it approaches the next phase of its expansion.
The company said it would provide further updates as material developments occur.