OPay Secures $304M in US IPO, Trading Temporarily Halted

OPay, a fintech company backed by SoftBank, raised $304 million through its initial public offering (IPO) in the United States, achieving a valuation of around $4 billion. The company listed on the New York Stock Exchange (NYSE) on October 30, selling 16 million American depositary shares at $19 each, which was at the lower end of its targeted range of $19 to $21 per share.

Despite the successful listing, OPay has temporarily suspended trading of its shares due to an outstanding regulatory requirement for a formal regulatory No-Objection in a foreign jurisdiction. OPay's Co-Chief Executive Officers, Lars Rahbaek Boilesen and Shamsuddeen Usman, represented the company during the NYSE ceremony.

The company emphasized that this hold should not be seen as a cancellation or reversal of its listing and that it is actively addressing the regulatory issue. OPay reassured stakeholders that its business operations in Nigeria remain unaffected.