OPay, a Nigeria-focused digital monetary companies firm, has withdrawn its planned $304 million US preliminary public providing on Friday over a regulatory inquiry by a foreign jurisdiction it didn’t determine.
The GentleBank-backed digital-payments firm described the inquiry as referring to a jurisdiction immaterial to its core operations, Reuters reported.
The firm had earlier disclosed that it was elevating $304 million in its preliminary public providing (IPO) and aimed to safe a market capitalisation of greater than $4 billion.
The firm had planned to listing on the NYSE underneath the ticker image “OPay.”
OPay withdrew its planned US preliminary public providing afterward Friday, however it didn’t determine the regulator or the character of the inquiry.
OPay stated it anticipated the matter to be resolved satisfactorily within the close to future and that the probe shouldn’t be misconstrued as a mirrored image of the corporate’s enterprise efficiency, monetary situation, operational integrity or regulatory standing.
It defined that the inquiry wouldn’t have an effect on its operations, regulatory standing or customer support in Nigeria or its different markets.
READ ALSO: OPay lists on NYSE, raises $304m in IPO at $4 billion valuation
Founded in 2018, OPay gives digital monetary companies throughout rising markets, together with Nigeria and Indonesia.
Its app presents funds, cash transfers, financial savings and loans in economies the place restricted entry to conventional banking could make on a regular basis transactions tough.
The firm had reached a $1 billion income run price within the second quarter of 2026, recording 137 per cent year-on-year progress and a 19 per cent web margin within the first six months of the yr.
The fintech firm raised $400 million in 2021 at a valuation of $2 billion. It had about 50 million month-to-month energetic customers as of 31 July, in keeping with its IPO prospectus.
Citigroup, Deutsche Bank, Standard Bank, and CICC had been among the many underwriters.
Discover extra from Premium Times Nigeria
Subscribe to get the newest posts despatched to your electronic mail.
