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17h ago

PayPay Pauses U.S. IPO Roadshow After Iran Strikes Roil Markets

The SoftBank-backed firm has filed to raise up to $1.1 billion at a valuation that could reach about $13.4 billion.

PayPay app leaflets are displayed at the rice dealer's shop Mikawaya, in Tokyo, Japan June 7, 2021. Picture taken June 7, 2021. REUTERS/Sam Nussey
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PayPay targets US IPO at potential $13.4B valuation
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Overview

  • The filing outlines 55 million ADRs at $17–$20 for a Nasdaq listing under PAYP, with pricing guided for March 11 subject to market conditions.
  • The company postponed the roadshow launch on March 2 after market turbulence linked to strikes on Iran.
  • PayPay will offer about 31.1 million ADRs while a SoftBank Vision Fund II affiliate will sell roughly 23.9 million, leaving SoftBank with about 92% voting control.
  • Indications of interest total up to $220 million from a Qatar Investment Authority unit, a Visa affiliate, and Abu Dhabi Investment Authority.
  • The Japan-focused app reports roughly 72 million users, nine-month profit of ¥103.3 billion on ¥278.5 billion revenue, and a 40% stake in Binance Japan.