Business
PayPay Targets $1.1 Billion U.S. IPO Amid Market Volatility
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.”
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Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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