SoftBank Backed OPay Withdraws 304 Million US IPO
SoftBank backed OPay withdrew its planned 304 million dollar US initial public offering on Friday. The company cited an undisclosed foreign regulatory inquiry. OPay stated the probe will not affect its core operations in Nigeria.
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SoftBank-backed digital payments firm OPay withdrew a planned $304M United States IPO on Friday morning following an unidentifiable foreign regulatory inquiry. The withdrawal halts a $4B valuation float that priced 16M American depositary shares at $19 each. OPay's aborted listing highlights mounting headwinds for emerging market tech floats amid stubborn inflation and volatile investor sentiment.
