SoftBank-backed PayPay said to plan U.S. IPO at $16 per share
Japanese digital-wallet provider PayPay Corp. is guiding investors that it will price its U.S. initial public offering at $16 per share, below its marketed range, people familiar with the matter said, as the deal moves forward despite market turbulence.
The SoftBank Group Corp.-backed company is poised to price about 55 million American depositary receipts, putting the deal on track to raise $880 million, said the people, who asked not to be identified discussing a private matter. PayPay had marketed the ADRs, which each represent one common share, at $17 to $20 apiece.
The company is set to price the IPO on Wednesday. The offering drew institutional investor demand for multiple times the available ADRs, people familiar with the matter have said. A spokesperson for PayPay declined to comment. A representative for SoftBank didn’t respond to a request for comment outside of regular business hours in Tokyo.
Advertising by Adpathway
