• Fintech sells 16m shares at $19 apiece, rings NYSE opening bell
Nume Ekeghe and Sunday Ehigiator
SoftBank-backed Nigerian fintech firm, OPay, has raised $304 million via its preliminary public providing (IPO) in the United States, securing a valuation of roughly $4 billion, however has briefly suspended the graduation of buying and selling in its shares over an impressive regulatory requirement in a overseas jurisdiction.
The firm, which marked its itemizing yesterday by ringing the opening bell at the New York Stock Exchange (NYSE), stated the short-term maintain shouldn’t be interpreted as a cancellation, rejection or reversal of its profitable itemizing.
OPay’s Co-Chief Executive Officer, Lars Rahbaek Boilesen, and Shamsuddeen Usman represented the fintech firm at the NYSE ceremony.
According to Reuters, OPay offered 16 million American depositary shares at $19 every, elevating $304 million. The supply worth was at the decrease finish of its focused vary of $19 to $21 per share, giving the corporate a valuation of about $4 billion.
The itemizing comes amid rising demand for digital monetary providers throughout rising markets, notably economies the place gaps in conventional banking infrastructure proceed to create alternatives for fintech operators.
Reuters reported that the providing happened in opposition to a backdrop of cussed inflation and a sell-off in AI-related shares, which had weighed on investor sentiment and prompted some corporations to delay their itemizing plans amid market volatility and valuation issues.
However, in a press release obtained by THISDAY yesterday, OPay stated following the profitable completion of its NYSE itemizing course of on October 30, 2026, an impressive regulatory clarification regarding an extra approval requirement in a overseas jurisdiction had emerged.
The firm defined that the requirement involved the necessity for a proper regulatory No-Objection in reference to its itemizing in the United States.
Pending the decision of the procedural requirement, OPay stated it had determined to put a short lived maintain on the graduation of buying and selling in its shares.
It careworn that the excellent requirement fell exterior Nigeria’s regulatory framework and jurisdiction and was being addressed via the suitable 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 assertion stated.
OPay expressed confidence that the matter can be resolved in due course, including that it was actively participating related stakeholders to facilitate an early decision.
The firm additionally assured prospects and enterprise companions that the event had no impression on its enterprise operations, regulatory standing or service supply in Nigeria.
It stated it continued to function usually and remained dedicated to its Nigerian prospects, retailers, brokers, enterprise companions and the broader monetary 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 said.
Founded in 2018, OPay supplies digital monetary providers throughout rising economies, together with Nigeria and Indonesia. Its platform affords funds, cash transfers, financial savings and loans via a single software, focusing on markets the place restricted entry to standard banking providers typically makes on a regular basis monetary transactions troublesome.
According to its IPO prospectus, OPay had roughly 50 million month-to-month energetic customers as of July 31, reflecting the size of its buyer base because it approaches the subsequent section of its enlargement.
The firm stated it might present additional updates as materials developments happen.
