OPAY shares halted on NYSE after $304 million IPO

OPay’s shares did not begin trading on the New York Stock Exchange on Friday, October 30, after the payments platform raised $304 million in its US initial public offering. Bloomberg reported a trading halt with news pending and no trades appearing on the exchange’s feed.

The company priced 16 million American depositary shares at $19 each, the bottom of its previously announced $19 to $21 range. Indicative opening prices later showed between $16.25 and $16.75 per share, both below the IPO price set the day before.

Bloomberg did not explain the reason for the halt or give a timeline for when trading might resume. Sources told Nairametrics this was the first time an IPO was pulled after the opening bell rang on the NYSE.

Earlier reporting by Nairametrics confirmed the IPO priced at $19 per ADS, valuing OPay at about $4 billion, with trading scheduled under the ticker OPAY. The latest update corrects the earlier claim that trading had already started, noting that the shares had not yet begun to trade.

OPay also plans a secondary listing on the Nigerian Exchange Limited to give local investors access to its shares after the primary NYSE listing is completed. The board and shareholders have approved this proposal, which would extend the company’s reach to domestic investors while keeping its primary presence in the US market.