Nigerian fintech company, OPay has withdrawn its planned $304 million initial public offering (IPO) in the United States following a regulatory inquiry in an undisclosed foreign jurisdiction.

The decision halts the company’s proposed listing on the New York Stock Exchange (NYSE), which was expected to give it an estimated market valuation of $4 billion.

OPay had planned to offer 16 million American depositary shares at $19 each, the lower end of its proposed price range of $19 to $21, before pulling out of the listing ahead of the commencement of trading.

Although the company did not reveal the nature of the regulatory inquiry or the country involved, it described the matter as immaterial to its core business.

It also maintained that the development should not be taken as an indication of any weakness in its financial position, business performance, operational integrity or regulatory compliance.

The fintech firm further assured customers that the situation would not disrupt its services or business activities in Nigeria and its other markets.

According to Reuters, the withdrawal followed a listing ceremony held at the NYSE on Friday, where OPay’s Co-Chief Executive Officer, Lars Boilesen, had described the proposed market debut as a significant achievement for the company and Nigeria.

The offering was expected to see OPay trade on the US stock market under the ticker symbol OPay. However, the company called off the process before its shares commenced trading.

Figures contained in its IPO prospectus showed that OPay had approximately 50 million monthly active users as of July 31, underscoring its presence in the digital financial services market.