Lead party: OPay Ltd (issuer)
Coverage: The Meridian legal market record (editorial).
OPay Ltd halted its planned c. US$300m initial public offering in the United States hours after pricing it, citing a regulatory inquiry involving a foreign jurisdiction. Bloomberg, citing people familiar with the matter and as reported by Nigeria Communications Week, said the inquiry came from a Chinese regulator, although OPay has no operations or revenue in mainland China.
Earlier reports had the deal raising about US$304m at a valuation near US$4bn. Talks with the authorities are reported to be ongoing. The Meridian records the status as halted; the regulator’s identity rests on anonymous sourcing and has not been confirmed by OPay.
Underwriters and legal counsel: not recorded here.
Sources: nigeriacommunicationsweek.com.ng; intellinews.com
Update from LinkedIn firm publication: OPay’s SEC Form F-1 (filed 9 October 2026) names four law firms for its planned NYSE IPO of ADSs under ticker OPAY. Davis Polk advises OPay on US and New York law and Simpson Thacher represents the underwriters. Harney Westwood & Riegels advises on Cayman law and Hutabarat Halim & Rekan on Indonesian law. Lead underwriters are Citigroup, Deutsche Bank Securities, Standard Bank and CICC, with B. Riley and Needham as co-managers. Standard Bank’s Stanbic Africa Holdings agreed to buy up to US$200 million (up to 4.99%) in a concurrent private placement, with a 12-month lock-up. OPay reported US$806 million revenue for the year to 30 June. Its board and shareholders also approved a later secondary listing on the NGX.
Value (as reported): Standard Bank placement up to US$200m (IPO size not stated).
Law firms: Davis Polk & Wardwell – Counsel to OPay (US federal securities and NY law); Simpson Thacher & Bartlett – Counsel to the underwriters; Harney Westwood & Riegels – Cayman Islands counsel (OPay); Hutabarat Halim & Rekan – Indonesian law counsel.
Other advisers: Citigroup Global Markets, Deutsche Bank Securities, Standard Bank, CICC (lead underwriters); B. Riley Securities, Needham & Company (co-managers).
Parties: Issuer: OPay Limited; Underwriters: Citigroup, Deutsche Bank Securities, Standard Bank, CICC, B. Riley, Needham; Placement investor: Stanbic Africa Holdings (Standard Bank).
Jurisdiction (as reported): US listing (Nigeria-focused) · Sector (as reported): Fintech / Equity capital markets.
Source: LinkedIn firm publication, posted 12 October 2026. Meridian record LI-DL-2026-0262.
