OPay’s US IPO withdrawal casts shadow over African fintech
Semafor · Yinka Adegoke ·
An undisclosed foreign regulatory inquiry derailed the New York debut of the Nigeria-focused payments service.
The News
OPay’s abrupt withdrawal of its $304 million US IPO on Friday cast a shadow over one of Africa’s most ambitious fintech listings, after an undisclosed foreign regulatory inquiry derailed its New York debut.
On Friday, OPay had priced its American depositary shares at $19 each, the bottom of its target range, valuing the company at just over $4 billion. But trading never began: OPay and its underwriters terminated their agreement around 3.30 pm New York time, saying it was no longer prudent to proceed with the offering.