Opay Ltd. shares failed to trade in New York after the company raised $304 million in a US initial public offering. Although the firm priced its ADRs at $19 each, a trading halt started at 3:30 p.m. on Friday. Many investors now wait as the company showed no executed trades.
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 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.