OPay Raises $304 Million as NYSE Trading Status Is Disputed

OPay priced its initial public offering at $19 per American depositary share, raising about $304 million, but reports conflict over whether trading on the New York Stock Exchange began on October 30. The company’s shares were scheduled to trade under the ticker OPAY, yet a report citing the exchange’s trading feed said trading was halted with news pending and no completed trades appeared at the time. Other reports said trading began that day. The supplied accounts do not establish whether trades ultimately took place or when trading may have started or resumed. The offering comprised 16 million American depositary shares, each representing 10 ordinary shares. Pricing at $19 was at the bottom of the previously announced $19-to-$21 range. The sale values OPay at about $4 billion, according to reports on the pricing. Underwriters have a 30-day option to purchase as many as 2.4 million additional shares to cover overallotments. The offering was scheduled to close November 2, subject to customary conditions. The account of a halt said Bloomberg reported indicated opening prices of $16.25 to $16.75 as of 2 p.m. New York time, below the IPO price. It said the NYSE reported a halt at...