SoftBank-backed PayPay priced its U.S. initial public offering at $16 per share. This figure sits below the company's projected target range of $17 to $20. The offering of 55 million American depositary receipts raised $880 million. This pricing values the Japanese digital payments firm at approximately $10.7 billion.
The company attributed the lower pricing to current market volatility. Despite the price cut, the IPO was reportedly more than five times oversubscribed. This indicates significant demand from institutional investors.
PayPay will list on the Nasdaq stock exchange. It will trade under the ticker symbol PAYP.