OPay IPO ‘disaster’ as Chinese regulatory inquiry catches dealmakers off guard
Semafor · Yinka Adegoke ·
The initial public offering of the Nigeria-focused payments company was abruptly pulled to the surprise of those involved.
The News
Bankers and advisers were “shocked” when OPay abruptly pulled its $304 million US IPO just hours after pricing on Oct. 30, after a Chinese regulatory inquiry forced the Nigeria-focused fintech to abandon its planned New York Stock Exchange debut, people close to the transaction told Semafor.
Speaking on condition of anonymity, they said the advisers were caught off guard by the intervention, with one calling the outcome “a disaster for everyone.” The inquiry was unexpected because OPay, headquartered in Singapore, generates 90% of its revenue in Nigeria and has no operating business or revenue in mainland China. But its founder, Chinese billionaire Zhou Yahui, remains a key figure in its ownership.