OPay’s US IPO filing says its board and shareholders have approved a secondary listing on the Nigerian Exchange (NGX) once a NYSE listing is done. The filing warns that shares in Lagos may not be interchangeable with the NYSE American Depositary Shares.
In a Form F-1 registration statement filed with the US SEC on 9 Oct, OPAY Ltd says it intends to pursue a secondary NGX listing after its proposed primary listing on the New York Stock Exchange, subject to market conditions and Nigerian regulatory approvals. Nothing has been listed yet. The F-1 is a registration statement, not a priced offering, and no date, size or price has been set for either listing. The filing says the Lagos shares may not be fungible with the NYSE ADSs, which could split liquidity and create price gaps between the two markets. The Guardian Nigeria reported the plan on 12 Oct.
Sources: OPay Form F-1 (SEC) · The Guardian Nigeria