PayPay valued at 12.7 billion dollars in Nasdaq debut
PayPay shares rose 19 percent in a Nasdaq debut that valued the Japanese app at 12.7 billion dollars. The listing marks a major milestone for SoftBank.
Shares of the SoftBank Group Corp.-backed payments application PayPay opened 19% above their offer price during a highly anticipated Nasdaq debut on Thursday. The stock began trading at $19, surpassing the $16 initial price and valuing the Japan-based company at $12.7 billion. This surge provides a significant boost to the new listings market as investors weigh global economic conditions.
The company and an investment fund controlled by SoftBank sold approximately 55 million American Depositary Shares, raising roughly $880 million. This successful entry comes at a critical time for the United States IPO market, which has faced headwinds from geopolitical tensions in the Middle East and shifting risk sentiment among institutional buyers.
