SoftBank-backed OPay has withdrawn its planned USD 304 million US IPO, citing a regulatory inquiry in an unnamed foreign jurisdiction.
The Nigeria-focused digital payments company pulled the offering on Friday, 30 October 2026, only hours after announcing the pricing of its shares, according to Reuters. In its statement, OPay did not disclose which regulator had opened the inquiry or what it concerns. The company described the jurisdiction involved only as immaterial to its core operations.
Earlier that day, OPay had priced 16 million American depositary shares at USD 19 each, at the lower end of its targeted range of USD 19 to USD 21. At that price, the company would have been valued at around USD 4 billion. The listing had been planned for the NYSE under the ticker symbol ‘OPay’, with Citigroup, Deutsche Bank, Standard Bank, and CICC among the underwriters.
Company position on the inquiry
OPay stated that it expects the matter to be resolved satisfactorily in the near future. It also said the inquiry should not be read as an indication of its business performance, financial condition, operational integrity, or regulatory standing. According to the company, its operations, regulatory standing, and customer service in Nigeria and its other markets will not be affected.
Japan-based SoftBank Group, whose entities held a 6.6% stake in OPay before the offering, did not immediately respond to a request for comment, according to Reuters.
Business profile and growth
OPay was founded in 2018 and provides digital financial services across emerging markets, including Nigeria and Indonesia. Its app brings together payments, money transfers, savings, and loans. It is aimed at economies where limited access to traditional banking makes everyday transactions harder to complete.
The company was founded by Yahui Zhou, who also founded China-based gaming company Beijing Kunlun Tech, a former owner of the dating app Grindr. OPay raised USD 400 million in 2021 at a valuation of USD 2 billion.
Market backdrop for listings
The withdrawal comes during a cautious period for equity capital markets. Numerous companies worldwide have postponed stock market listings in recent weeks. Persistent inflation and a selloff in AI-related stocks have weighed on investor sentiment. For example, recently, in October 2026, Firmus, the Nvidia-backed Australian AI data centre operator, withdrew its planned IPO, citing market volatility and conditions. Firmus had reportedly planned to raise USD 5 billion, which would have made it the second-largest new share sale in Australia’s history.
