OPay Ltd. (OPAY), the Nigerian FinTech app, has postponed its IPO indefinitely after the stock did not start trading today, as expected, according to Street sources familiar with the situation, IPOScoop has learned. Clients of a major firm have been notified that it was withdrawing from the IPO.
It’s highly unusual for an IPO to not trade on its scheduled first day of trading. As of 3:15 P.M. EDT today, OPay had not started trading – an unusual circumstance as CNBC noted in its coverage.
The IPO – an ADS offering – had been priced at $19.00 – the low end of its range.
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Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.