OPay pulls back on $304 million US IPO due to regulatory inquiry

OPay, a digital financial services company focused on Nigeria, has pulled back its planned $304 million US initial public offering. This decision came on Friday following a regulatory inquiry from a foreign authority that the company did not name.

The digital payments company, backed by SoftBank, described the inquiry as concerning a place that is not important to its main operations, according to Reuters.

Previously, the company announced plans to raise $304 million from its initial public offering (IPO) and aimed for a market value of over $4 billion.

OPay intended to list on the NYSE with the ticker symbol "OPay."

Later on Friday, OPay withdrew its planned US initial public offering but did not reveal the name of the regulator or details about the inquiry.

The company stated it expects the issue to be resolved soon. They added that the inquiry should not be viewed as a sign of any problems with the company’s business, finances, or regulatory status.

OPay made it clear that the inquiry would not impact its operations, regulatory status, or customer service in Nigeria or any of its other markets.

Founded in 2018, OPay offers digital financial services in emerging markets like Nigeria and Indonesia. Its app allows users to make payments, transfer money, save, and take loans. This service is vital in areas where traditional banking is not easily accessible.

The company achieved a revenue run rate of $1 billion in the second quarter of 2026, showing a 137 percent growth compared to the previous year. They also reported a 19 percent net margin in the first half of the year.

In 2021, OPay raised $400 million at a valuation of $2 billion. As of July 31, it had around 50 million monthly active users, per its IPO prospectus.

Citigroup, Deutsche Bank, Standard Bank, and CICC were some of the underwriters involved.