Nigerian payments company OPay Limited has paused its planned $304 million U.S. share sale after citing a regulatory inquiry in a jurisdiction beyond its main markets, delaying its New York Stock Exchange (NYSE) listing.
OPay said Saturday it had reached a deal with its underwriters to put the Oct. 29 underwriting agreement on hold. The company said its American depositary shares (ADSs) would not be listed on the planned date.
OPay did not name the regulator’s jurisdiction or explain the inquiry. It said the matter had no connection to its financial condition, operating results or compliance status.
OPay priced its ADSs at $19 each, the low point of its $19-to-$21 range. At that price, 16 million ADSs represented $304 million in gross proceeds before underwriting discounts and expenses.
OPay said it continued normal service across Nigeria, Indonesia, Egypt and Pakistan. The company had scheduled Monday, Nov. 2, for closing the U.S. sale and planned a secondary listing on the Nigerian Exchange afterward.
