OPay’s shares did not begin trading on the New York Stock Exchange as expected on Friday, October 30, after the Nigeria-focused payments platform raised $304 million in its US initial public offering.
According to Bloomberg, the exchange’s message feed reported a trading halt with news pending, although no executed trades appeared on the feed.
The development followed the pricing of 16 million American depositary shares at $19 each, the bottom of the company’s previously announced $19 to $21 range.
OPay trading halted, news pending
OPay’s American depositary receipts were indicated to open at between $16.25 and $16.75 each as of 2 p.m. in New York on Friday. Both ends of that indicative range were below the $19 IPO price announced the previous day, according to Bloomberg.
In a statement made available to Nairametrics, OPay said the trading was paused due to a “regulatory inquiry relating to a jurisdiction that is immaterial to the Company’s core business operations.”
Based on that, OPay said the Company and the underwriters mutually agreed to terminate the underwriting agreement dated October 29, 2026, relating to the Offering
The company emphasized that the development should not be misconstrued as a reflection on its business performance, financial condition, operational integrity, or regulatory standing.
OPay priced IPO at $19
Nairametrics had earlier reported that OPay priced its offering at $19 per American depositary share, valuing the digital financial services provider at approximately $4 billion. The offering comprised 16 million ADSs, with trading scheduled to begin on October 30 under the ticker OPAY.
The latest report updates Nairametrics’ earlier account that trading had commenced: OPay had priced its IPO and held its opening-bell ceremony, but Bloomberg reported that its shares had yet to begin trading.
OPay plans secondary NGX listing
OPay’s US offering comes alongside plans to give Nigerian investors access to its shares through a proposed secondary listing on the Nigerian Exchange Limited. Nairametrics previously reported that the company’s board and shareholders had approved the proposal, which would follow completion of its primary NYSE listing.
The proposed Nigerian listing would extend OPay’s access to domestic investors while allowing the company to maintain its primary presence in the US capital market.
