OPay pulls its New York stock market debut over a regulator's inquiry

OPay, a digital money app built for emerging markets, has postponed its planned stock market debut in New York. The company said the reason is "an ongoing inquiry by a regulatory authority." It shared the news Saturday, Oct. 31, in a post on X. Trading was due to begin the day before, Friday, Oct. 30.

What happened

The New York Stock Exchange had said the listing would give OPay a market value of over $4 billion. Reuters reported that earlier on Friday, OPay had priced 16 million American depository shares at $19 each. These are shares that let U.S. investors buy into a foreign company. That price was the bottom of its $19 to $21 target range.

What it means for customers

OPay says all services remain fully available. Customers can still send and receive money, make payments and save money. The company says the inquiry does not affect how it runs its business in Nigeria or other markets. In its filing with the Securities and Exchange Commission, OPay reported 50.1 million monthly active users.

What is not known yet

• Which regulator is asking the questions.
• Which country the inquiry involves. OPay called it a jurisdiction that is immaterial to its core business.
• When the listing might happen. No new date was given.

OPay says it is confident the inquiry will end satisfactorily in the near future. It also says the delay is not a reflection of its business performance or financial condition.