Pull to refresh
Logo
What Changed
Following Why Sign Up
OPay files for New York IPO as Standard Bank commits up to $200M

OPay files for New York IPO as Standard Bank commits up to $200M

Money Moves

OPay withdrew its $304 million NYSE IPO a day after pricing shares at $19 each, after a regulatory inquiry stopped the listing.

October 31st, 2026: OPay withdraws $304M NYSE IPO

Overview

Updated Nov 2

OPay withdrew its $304 million New York initial public offering on Oct. 31, a day after pricing 16 million American depositary shares at $19 each. The company said it acted after a regulatory inquiry in an unidentified foreign jurisdiction and that it agreed with underwriters to terminate the underwriting agreement dated Oct. 29.

OPay had announced the listing in a press release on Oct. 30, but no shares traded and the listing did not proceed. OPay said the inquiry was not material to its core business and that it expected the matter to be resolved. The status of Standard Bank's planned $200 million private placement, which was conditioned on the IPO, was not immediately clear.

Why it matters

The reversal tests US investor appetite for African fintech and leaves Standard Bank's planned $200 million stake in limbo.

Questions about this story

Free account needed to ask — your question is kept and asked for you right after sign-up. Answers are public.

No questions yet — be the first to ask.

Key Indicators

Withdrawn
IPO status
OPay withdrew the $304 million NYSE offering on Oct. 31 after a regulatory inquiry.
$19
IPO price per ADS
Priced at the bottom of the $19-to-$21 range; no shares traded before the withdrawal.
$4B
Indicated valuation at IPO price
At $19 per ADS, before the listing was withdrawn.
$304M
Offering size withdrawn
The NYSE offering OPay pulled on Oct. 31.
$200M
Standard Bank investment cap
Maximum Stanbic Africa Holdings agreed to pay; the placement was conditioned on IPO completion.
4.99%
Maximum stake for Standard Bank
Stanbic's ownership is capped at 4.99% of shares outstanding after the offering and private placement.
$467M
First-half 2026 revenue
Revenue for the six months ending June 30, 2026, up from $197.5 million a year earlier.
137%
Year-over-year revenue growth
First-half 2026 revenue growth against the same period in 2025.
50.1M
Monthly active users
Users on OPay's platform as of the filing; the company ranks among Africa's most valuable fintechs.
$91M
First-half 2026 net income
Net income more than quadrupled from $21.7 million in the first half of 2025.

Voices

Curated perspectives — historical figures and your fellow readers.

Sign up to generate historical perspectives on this story.

Log in Sign Up

People Involved

LF
Lungisa Fuzile
CEO of Standard Bank's Africa Regions business; expected non-executive director at OPay
Expected to join OPay's board once the private placement closes; the placement's timing is unclear after OPay withdrew its IPO.

Organizations Involved

OPay
OPay
Financial technology company (digital payments and lending)
Withdrew its $304 million NYSE IPO on Oct. 31 after a regulatory inquiry in an unidentified foreign jurisdiction; the company and underwriters terminated the underwriting agreement dated Oct. 29.

Nigeria-focused payments and lending fintech with 50.1 million monthly active users; it withdrew its planned NYSE listing in October 2026.
Standard Bank Group
Standard Bank Group
Banking group
Agreed to invest up to $200 million in OPay through Stanbic; the placement was conditioned on an IPO that OPay withdrew on Oct. 31.

Africa's largest bank by assets, headquartered in Johannesburg.
SA
Stanbic Africa Holdings
Investment holding company
Agreed purchaser in OPay's private placement; the IPO condition was thrown into doubt when OPay withdrew the offering on Oct. 31.

Standard Bank subsidiary that will buy OPay shares in the private placement.

Timeline

2018 October 2026

9 events Latest: October 31st, 2026 · 1 week ago
Tap a bar to jump to that date

  1. OPay withdraws $304M NYSE IPO

    Latest IPO Withdrawal

    OPay withdrew the offering after a regulatory inquiry in an unidentified foreign jurisdiction and terminated its underwriting agreement dated Oct. 29. The company said the inquiry was not material to its core business and expected a resolution.

  2. OPay prices $304M NYSE IPO

    IPO Pricing

    OPay priced 16 million American depositary shares at $19 each, the bottom of its range, valuing the company at about $4 billion. No shares traded, and the listing did not proceed.

  3. OPay announces NYSE listing in press release

    Statement

    OPay said its American depositary shares would begin trading under the ticker OPAY. No shares traded, and the company withdrew the offering the next day.

  4. OPay files Form F-1 with the SEC

    Regulatory Filing

    OPay files registration statement for a NYSE listing under ticker OPAY, disclosing the Standard Bank investment and financials.

  5. Johannesburg Stock Exchange notice filed

    Regulatory Filing

    Standard Bank files a notice on the Johannesburg Stock Exchange about the OPay investment.

  6. Standard Bank confirms OPay investment

    Statement

    Standard Bank makes a public announcement confirming the agreed investment in OPay.

  7. Stanbic signs $200M subscription agreement

    Agreement

    Stanbic Africa Holdings signs a share subscription agreement for up to $200 million in OPay's private placement.

  8. OPay and Stanbic sign collaboration MOU

    Agreement

    OPay's Singapore subsidiary signs a memorandum of understanding with Stanbic Africa Holdings on digital banking and payments collaboration.

  9. OPay founded in Nigeria

    Founding

    Fintech founded as a mobile payments and lending platform, later backed by SoftBank Group.

Scenarios

1

OPay lists on NYSE, raising about $500M

Likely Resolves by End of 2026

Discussed by: Bloomberg and people familiar with the process cited in briefs.co coverage

Did not happen. OPay priced 16 million ADS at $19 each, raising $304 million on paper, then withdrew the offering on Oct. 31 after a regulatory inquiry. No shares traded.

2

IPO prices below expectations or is postponed

Possible Resolves by End of 2026

Discussed by: Coverage noting Nigeria concentration risk; thenextweb.com reports nearly nine-tenths of revenue comes from Nigeria

OPay priced at the bottom of its $19-to-$21 range, then withdrew the listing on Oct. 31 after a regulatory inquiry. The offering did not proceed.

3

Standard Bank deal stalls or collapses with the IPO

Unlikely Resolves by Q1 2027

Discussed by: The F-1 registration statement, which conditions the placement on IPO completion and regulatory approvals

OPay withdrew its IPO on Oct. 31, leaving the placement's closing uncertain. The agreement conditions Stanbic's purchase on IPO completion and regulatory approvals.

4

OPay revives its NYSE listing after inquiry clears

Possible Resolves by Q1 2027

Discussed by: OPay statement saying it expects the matter to be resolved satisfactorily

OPay withdrew its $304 million offering after a regulatory inquiry in an unidentified foreign jurisdiction. It said the inquiry was not material to its core business and that it expected a satisfactory resolution. A revived listing would require a new filing and pricing process.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

April 2019

Jumia's NYSE IPO (2019)

Jumia, an African e-commerce company, listed on the NYSE in April 2019, the first African tech company to reach a major US exchange. It priced around $14.50 and raised roughly $200 million.

Then

The stock spiked above $40 within days, then fell back below the IPO price within months.

Now

Jumia remains listed but its stock trades far below the IPO price, a standing cautionary tale about post-IPO volatility for African tech.

Why this matters now

OPay is following the same NYSE path Jumia charted. Jumia's experience shows a US listing is feasible for African tech and that the downside risk after debut is real.

November 2019 to 2020

Interswitch's shelved London IPO (2019-2020)

Interswitch, a Nigerian digital payments company, took a $200 million investment from Visa at a $1 billion valuation in late 2019, with a London IPO planned.

Then

The company shelved its listing plans in 2020, citing market conditions.

Now

Interswitch has not listed publicly, a reminder that African fintech IPO plans can evaporate when markets turn.

Why this matters now

OPay's roadshow could hit the same wall if investor appetite fades. The deal is conditioned on market timing, just as Interswitch's was.

Sources

(23)
+17
U.S. Securities and Exchange Commission Builders In Fintech bne IntelliNews Business Insider Africa The Next Web Businessday NG THISDAYLIVE TheCable Empower Africa Briefs Techparley Africa CNBC Africa Reuters via TradingView Nigeria Communications Week Business Post Nigeria TokenPost Boursorama PR Newswire Bloomberg DMarket Forces Leadership bne IntelliNews Business Insider Africa