PayPay, SoftBank Raise $879.8 Million in Payments Firm’s US IPO

PayPay Corp. and an arm of SoftBank Group Corp. raised $879.8 million in the digital payments firm’s US IPO, in the biggest listing for a Japanese company on a US stock exchange in a decade.

Tokyo-based PayPay priced the initial public offering of American depositary receipts at $16 apiece, according to a statement, below a marketed range of $17 to $20. The ADRs each represent one common share.

The company sold 31.1 million ADRs, while an affiliate of SoftBank Vision Fund II, an investment arm of the Japanese conglomerate, sold 23.9 million ADRs, the statement showed. PayPay guided ...