OPay, a digital financial platform built for emerging markets, has decided to postpone its planned initial public offering due to “an ongoing inquiry by a regulatory authority,” the company said in a public statement shared Saturday (Oct. 31) in post on X.

Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

OPay had been set to begin trading on the New York Stock Exchange a day earlier, on Friday (Oct. 30), according to pre-market update issued by the NYSE Friday morning. The NYSE said the IPO would give OPay a market cap of over $4 billion.

In its statement, OPay said that it continues to serve its customers and business partners as usual, with all services fully available, and that customers can continue to send and receive money, make payments and save money without interruption.

Please add us to your preferred sources list so our news, data and interviews show up in your feed. Thanks!

“The inquiry does not affect the services OPay provides to its customers or the way it runs business in Nigeria or other business markets,” OPay said. “OPay decided to postpone, as it is in the best interests of the company and its customers.”

Bloomberg reported Saturday (Oct. 31) that OPay said the inquiry relates to “a jurisdiction that is immaterial to the company’s core business operations,” without providing further details.

OPay said, per the report, that this development “should not be construed as a reflection on the company’s business performance, financial condition, operational integrity or regulatory standing” and that the company is “confident that the inquiry will be concluded satisfactorily in the near future.”

Source link