OPay, a fintech company focused on the Nigerian market and backed by SoftBank, has halted its planned initial public offering on the New York Stock Exchange. The suspension comes in response to an ongoing regulatory inquiry into the firm.
Shares of the company were not listed for trading on Friday as originally anticipated. This development follows OPay's recent effort to raise $304 million through its US IPO. The decision to pause the listing process indicates that the regulatory review is a critical factor influencing the company's immediate market entry strategy.
Sources: Bloomberg Markets.