SoftBank-backed OPay Cancels $304 Million U.S. IPO Amid Regulatory Inquiry

Nigerian fintech company OPay, backed by SoftBank, has withdrawn its planned $304 million initial public offering on the New York Stock Exchange. The cancellation follows a regulatory inquiry in a foreign jurisdiction, although OPay stated the jurisdiction was not material to its core business operations. The company had been scheduled to begin trading on Friday at a valuation of approximately $4 billion.