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▼ Japan Digital Payment Firm Paypay Makes U.S. Stock Market Debut
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PayPay Corp, the Japanese provider of a popular digital payment app, made a major stock market debut on the U.S. Nasdaq exchange on Thursday, a move aimed at supporting its global expansion.
PayPay was valued at around $12.1 billion based on its closing price of $18.16, exceeding the initial offering price of $16 per share. The offering price was set below the initially indicated range of $17 to $20.
Although U.S. stocks fell broadly on concerns over the war raging in the Middle East, the new share opened at $19, about 19 percent above the offering price.
At a commemorative ceremony at the Nasdaq, PayPay President Ichiro Nakayama rang the bell, saying the company hopes to show that a Japanese firm "can directly access the U.S. capital markets and grow with strength."
For the listing, PayPay issued about 31 million new shares to bolster its overseas business, while an investment fund operated by SoftBank Group Corp will sell around 24 million shares. Nakayama said, "We will always remain challengers."
PayPay was valued at around $12.1 billion based on its closing price of $18.16, exceeding the initial offering price of $16 per share. The offering price was set below the initially indicated range of $17 to $20.
Although U.S. stocks fell broadly on concerns over the war raging in the Middle East, the new share opened at $19, about 19 percent above the offering price.
At a commemorative ceremony at the Nasdaq, PayPay President Ichiro Nakayama rang the bell, saying the company hopes to show that a Japanese firm "can directly access the U.S. capital markets and grow with strength."
For the listing, PayPay issued about 31 million new shares to bolster its overseas business, while an investment fund operated by SoftBank Group Corp will sell around 24 million shares. Nakayama said, "We will always remain challengers."
After the listing, roughly 90 percent of PayPay's shares will be owned by companies including SoftBank Corp and LY Corp, operator of the Line messaging app.
Last month, PayPay announced plans to enter the U.S. market by setting up a new firm with global credit card brand Visa Inc, aiming to build its merchant network through QR code and contactless payments in California and elsewhere.
The Japanese company launched the app in Japan in 2018 and had about 73 million users as of March.
Last month, PayPay announced plans to enter the U.S. market by setting up a new firm with global credit card brand Visa Inc, aiming to build its merchant network through QR code and contactless payments in California and elsewhere.
The Japanese company launched the app in Japan in 2018 and had about 73 million users as of March.
- 14/3 21:28
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