Overview
- The stock closed roughly 13.5% above its offer price on its first trading day even as major U.S. indexes fell.
- PayPay and a SoftBank fund sold about 55 million American depositary shares at $16 each, below the $17 to $20 marketing range.
- The deal was set during heightened volatility tied to the Middle East conflict after a brief pause in the roadshow.
- Visa, the Abu Dhabi Investment Authority and a Qatar Investment Authority subsidiary anchored up to $220 million of stock, and this is SoftBank’s first major U.S. listing since Arm.
- The Tokyo-based fintech counts about 72 million registered users, has expanded into lending and deposits with improving cash flow, and trades on Nasdaq under the ticker PAYP.