SoftBank-backed PayPay prices US IPO below target range
The Japanese digital wallet provider raised $880 million at a $10.7 billion valuation. Pricing landed below the expected range amid global market volatility.
PayPay, the digital wallet provider backed by SoftBank Group Corp., has priced its initial public offering in the United States at $16 per share. This pricing sits below the company's original target range of $17 to $20 per share, as broader market sentiment remains cautious due to the conflict involving Israel and Iran.
The IPO successfully raised $880 million through the sale of 55 million American depositary receipts, resulting in a valuation of approximately $10.7 billion for the Japan-based firm. The company had briefly paused its investor roadshow earlier this week to assess market conditions before proceeding with the debut.
