OPay’s shares didn’t start trading on the New York Stock Exchange as anticipated on Friday, October 30, after the Nigeria-focused funds platform raised $304 million in its US preliminary public providing.
According to Bloomberg, the trade’s message feed reported a trading halt with information pending, though no executed trades appeared on the feed.
The improvement adopted the pricing of 16 million American depositary shares at $19 every, the underside of the corporate’s beforehand introduced $19 to $21 vary.
OPay trading halted, information pending
OPay’s American depositary receipts had been indicated to open at between $16.25 and $16.75 every as of two p.m. in New York on Friday. Both ends of that indicative vary had been under the $19 IPO value introduced the day prior to this, based on Bloomberg.
- The New York Stock Exchange’s message feed subsequently reported a trading halt at 3:30 p.m., with information pending, though no executed trades appeared on the feed.
- Earlier on Friday, a video posted to the trade’s X account confirmed OPay executives ringing the opening bell and folks having fun with music from a DJ performing in a sales space carrying the corporate’s branding.
- The publish was now not out there; in the meantime, US expertise shares fell sharply throughout the session, with the Nasdaq 100 Index declining 3.5%, its worst drop since early June.
The Bloomberg account equipped didn’t determine the information behind the halt or state when trading would start. However, different sources knowledgeable Nairametrics that this was the “first time” in trade historical past that an IPO was getting pulled after bell ringing.
OPay priced IPO at $19
Nairametrics had earlier reported that OPay priced its providing at $19 per American depositary share, valuing the digital monetary providers supplier at roughly $4 billion. The providing comprised 16 million ADSs, with trading scheduled to start on October 30 beneath the ticker OPAY.
- The firm filed its Form F-1 registration assertion with the US Securities and Exchange Commission on October 9, formally setting its proposed NYSE itemizing in movement.
- OPay granted its underwriters a 30-day choice to buy as much as a further 2.4 million ADSs to cowl over-allotments, with the providing anticipated to shut on November 2, 2026, topic to customary closing circumstances.
- Bloomberg recognized Citigroup, Deutsche Bank and Standard Bank as main the IPO, whereas Nairametrics’ earlier protection additionally named China International Capital Corporation among the many joint book-running managers.
The newest report updates Nairametrics’ earlier account that trading had commenced: OPay had priced its IPO and held its opening-bell ceremony, however Bloomberg reported that its shares had but to start trading.
OPay plans secondary NGX itemizing
OPay’s US providing comes alongside plans to provide Nigerian traders entry to its shares via a proposed secondary itemizing on the Nigerian Exchange Limited. Nairametrics beforehand reported that the corporate’s board and shareholders had permitted the proposal, which might comply with completion of its main NYSE itemizing.
The proposed Nigerian itemizing would prolong OPay’s entry to home traders whereas permitting the corporate to keep up its main presence within the US capital market.
