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.
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“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.”
Reuters reported Friday that earlier in the day, before announcing the postponement, OPay had priced 16 million American depository shares at $19 each, which was at the bottom of the company’s target range of $19 to $21.
PYMNTS reported Oct. 9 that in OPay’s registration statement filed with the Securities and Exchange Commission for a proposed initial public offering, the company said its digital financial platform built for emerging markets has 50.1 million monthly active users.
OPay also said it sees an addressable opportunity across billions of users and millions of merchants.
In its Friday statement about its postponement of its IPO, OPay said the firm “remains committed to making financial services more inclusive through technology.”
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