PayPay and an arm of SoftBank Group are seeking to raise as much as $1.1 billion in the digital payments firm¡¯s U.S. initial public offering, in what would be the biggest-ever listing for a Japanese company on a U.S. stock exchange.
Tokyo-based PayPay is offering 31.1 million American depositary receipts, while an affiliate of SoftBank Vision Fund II, an investment arm of the Japanese conglomerate, is selling 23.9 million ADRs, according to a filing with the U.S. Securities and Exchange Commission Monday. The ADRs, which each represent one common share, are being offered for $17 to $20 each.
PayPay had delayed the start of formal marketing amid uncertainty over conflict in the Middle East, a person familiar with the matter said earlier. The IPO is expected to price on March 11, according to terms of the deal.
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