SoftBank-Backed PayPay Shares Jump 14% After $880 Million IPO

Shares of PayPay Corp. jumped 14% in its trading debut Thursday after the digital payments firm’s $879.8 million US IPO, the biggest listing for a Japanese company on a US stock exchange in a decade.

The company’s American depositary receipts closed at $18.16 each in New York, above its IPO price of $16. The ADRs priced below a marketed range of $17 to $20. The trading gives the company a market value of around $12.1 billion, based on the outstanding shares listed in its filings.

PayPay sold 31.1 million ADRs, while an affiliate of SoftBank Vision Fund II, an ...