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Nigeria's Opay IPO Priced Low Amidst Trading Debut Woes
31 Oct
Summary
- Opay's US IPO priced at the lower end of its expected range.
- The Nigerian payments platform successfully raised $304 million.
- Trading for Opay's shares did not commence as anticipated in New York.
Opay Ltd., a payments platform primarily serving Nigeria, has raised $304 million through its initial public offering in the United States. The IPO was priced at the lowest end of its expected valuation range.
However, the company's American depositary receipts did not commence trading on the New York Stock Exchange as anticipated. This delayed debut suggests a cautious market reception for the Nigerian fintech firm's public offering.
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