OPay pulls $4B New York IPO at the last minute after China inquiry
What's the deal? OPay, a Nigeria-focused fintech backed by SoftBankDealroom has a profile for this one. Try Dealroom →, terminated its planned $304 million New York Stock Exchange listing hours before trading was due to begin, citing a regulatory inquiry in a foreign jurisdiction it called immaterial to its business. The company had priced 16 million American depositary shares (ADSs) at $19 each — the bottom of its $19 to $21 range — valuing it at roughly $4 billion.
What now? The offering never closed, and OPay's shares never traded under the ticker OPAY. The company has not announced a new timetable.
The China link: Bloomberg later reported that a Chinese regulator made the inquiry — notable because OPay has no material operations, headquarters, or revenue in mainland China. Its exposure runs through founder Yahui Zhou, who previously founded Beijing Kunlun Tech and has business links to Opera.
Why it matters: OPay bills itself as the first Nigerian fintech to list on the NYSE, serving more than 50 million monthly active users across Nigeria, Egypt, Pakistan, and Indonesia. Standard BankDealroom has a profile for this one. Try Dealroom →'s planned investment was tied to the IPO and is now on hold, alongside SoftBank's chance to realise returns.
What could go wrong? OPay's filing left the inquiry's jurisdiction and subject undisclosed. That uncertainty could complicate how investors and underwriters assess cross-border regulatory exposure for other firms with Chinese founders or links.
The signal: The withdrawal interrupts a tentative return of African fintech to public markets, following 2025 listings by South Africa's Optasia and Morocco's Cash Plus. But because OPay priced and then pulled before trading, the episode is less a failed debut than a reminder that a deal can unravel even after pricing — and that regulatory reach can stretch far beyond a company's operating markets.
Read more: Business Insider
Image credit: FirstEnergy Corp.
