SoftBank-backed (TYO:9434) PayPay kept the option of a dual listing in Tokyo open after its $880 million initial public offering in New York, Bloomberg News reported Friday, citing CEO Ichiro Nakayama.
American depositary receipts of the digital payments firm rose 14% from the $16 IPO price, valuing the company at about $12.1 billion, according to the report.
Nakayama said the U.S. listing supports PayPay's growth plans for now, though a future presence on Tokyo's market remains under consideration, the report said.
The listing marks the largest U.S. IPO by a Japanese company in a decade and supports major shareholder SoftBank Group Corp. Launched in 2018, PayPay has grown to roughly 72 million users and accounts for about 20% of Japan's cashless payments, according to the report.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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