SoftBank-backed OPay shelves IPO plans after regulatory probe
AlexSecret
Hours before its inaugural trading session in New York, OPay Limited (OPAY), a SoftBank (SFTBY) (SOBKY) (SFTBF)-backed digital-payment services company, halted its $304M initial public offering in the U.S., citing a regulatory inquiry.
The Nigeria-based company identified the jurisdiction conducting the probe as “immaterial” to its core business operations and added that it “is confident that the inquiry will be concluded satisfactorily in the near future.”
“After careful consideration and discussions with the underwriters, the company determined that not proceeding with the offering at this time would be the most prudent course of action,” Bloomberg reported quoting a statement from OPay (OPAY).
On Friday, the company priced the offering of 16M American Depositary Shares at $19.00 each, indicating a valuation of roughly $4B and signaling the U.S. listing of one of the highest-profile fintech debuts this year.
“OPay wishes to emphasize that this development should not be misconstrued as a reflection on the company’s business performance, financial condition, operational integrity, or regulatory standing,” the company said.
OPay (OPAY) didn’t disclose additional details about the inquiry or when it will revisit its listing plans.
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