According to informed sources, due to tensions in Middle Eastern markets, the initial public offering (IPO) pricing for PayPay, a subsidiary of SoftBank, is likely to be near the lower end of its target range.
One source indicated that the Japanese payment application operator's IPO has been oversubscribed by more than five times. The source added that the book-building process has concluded, with the final pricing set to be determined after the close of U.S. market trading on Wednesday.
The company is offering 55 million American Depositary Shares, priced between $17 and $20 per share. Documents related to the offering show that the company is targeting a maximum valuation of up to $13.4 billion.
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