OPay's IPO Trading Halted After $304 Million Raise
OPay's shares were scheduled to begin trading on the New York Stock Exchange on October 30 after the Nigeria-focused payments platform raised $304 million in its US initial public offering. However, trading was halted with news pending, as reported by Bloomberg.
The halt occurred despite the pricing of 16 million American depositary shares at $19 each, the lower end of the previously announced range of $19 to $21. As of 2 p.m. in New York, OPay's shares were indicated to open between $16.25 and $16.75, both below the IPO price.
This situation marked the first time in exchange history that an IPO was pulled after the opening bell. OPay's IPO valued the company at approximately $4 billion, and the firm plans to pursue a secondary listing on the Nigerian Exchange Limited to provide local investors access to its shares.
Plus234Feed summary based on reporting from Nairametrics. Read the original report below.
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