SoftBank-Backed PayPay Closes IPO With 94.6 Billion Yen Proceeds

MT Newswires Live03-30

PayPay, a unit of SoftBank Group (TYO:9984), closed its initial public offering after selling 63.2 million American depositary shares at $16 each, including full exercise of the underwriters' option, according to a Monday filing on the Tokyo Stock Exchange.

The offering raised about 94.6 billion yen for PayPay, while selling shareholder SoftBank Vision Fund 2 vehicle SVF II Piranha generated about 57.8 billion yen ($369 million) in proceeds before expenses.

PayPay's shares began trading on the Nasdaq Global Select Market on March 12 under the ticker "PAYP." SoftBank will retain PayPay as a subsidiary after the listing, with proceeds recorded as capital surplus rather than profit.

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