Shares of Opay Ltd., a Nigeria-focused payments platform, didn’t begin trading in New York as expected after the company raised $304 million in a US initial public offering (IPO) priced at the bottom of the range.
The company’s American depositary receipts were indicated to open at $16.25 to $16.75 each as of 2 p.m. on Friday in New York, the day after Opay priced the ADRs at $19 each.
The New York Stock Exchange’s message feed reported a trading halt at 3:30 p.m. with news pending, though no executed trades appeared on the feed.
Technology stocks in the US plunged on Friday, with the Nasdaq 100 Index falling 3.5%, its worst drop since early June. Still, there was little sign of trouble during the day.
A video posted to the New York Stock Exchange’s X account earlier Friday showed Opay executives ringing the bell, as well as people enjoying the music from a DJ performing in a booth decked out in the company’s branding.
The post is no longer available.
Opay’s IPO was led by Citigroup Inc, Deutsche Bank AG and Standard Bank, according to a statement.
The company’s ADRs were set to trade on the New York Stock Exchange under the ticker OPAY.
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