PayPay, a Japan-based mobile payment app and digital wallet, raised $880 million by offering 55 million shares at $16, below the range of $17 to $20. Cornerstone investors Qatar Holding, Visa, and Abu Dhabi Investment Authority had indicated on $220 million of the IPO, or 25% of the deal in total. At the pricing, PayPay commands a diluted market value of $10.8 billion.
Backed by SoftBank, PayPay is a Japanese financial technology company that operates a digital payments platform connecting users and merchants. It also offers app-based banking services and investment and brokerage services. Together, these services allow users to make payments, access credit, manage bank accounts, and invest through an integrated mobile platform.
PayPay plans to list on the Nasdaq under the symbol PAYP. Goldman Sachs, J.P. Morgan, Mizuho Securities, Morgan Stanley, Citi, Jefferies, BofA Securities, Societe Generale, Nomura Securities, Cantor Fitzgerald, Credit Agricole CIB, Daiwa Securities, Deutsche Bank, Natixis, SMBC Nikko, and WR Securities acted as joint bookrunners on the deal.
