PayPay aims to raise $1.1 billion through a U.S. IPO on Nasdaq, moving ahead despite market volatility and geopolitical concerns

SoftBank-backed digital payments firm PayPay is seeking to raise up to $1.1 billion through an initial public offering (IPO) in the United States, pressing ahead with listing plans despite renewed market turbulence.

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The Tokyo-based company, alongside a selling shareholder, plans to offer nearly 55 million American depositary shares at a price range of $17 to $20 each.

At the top end, the offering would be valued at roughly $1.1 billion.

PayPay’s IPO roadshow, initially expected to begin before markets opened on Monday, was postponed following investor concerns after a weekend attack on Iran.

The delay highlights the fragile state of equity markets, where geopolitical tensions compound existing volatility.

The U.S. IPO market has had a rocky start to the year, with several companies shelving or delaying listing plans amid sharp market swings.

Analysts suggest that a successful debut from PayPay could boost investor confidence and revive IPO activity.

Investor anxiety was reflected in the Cboe Volatility Index, which spiked to a three-month high earlier Monday.

The offering is being led by major Wall Street banks, including Goldman Sachs, J.P. Morgan, Mizuho, and Morgan Stanley, acting as joint book-running managers.

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PayPay intends to list its shares on the Nasdaq under the ticker symbol “PAYP.”