Investing.com– Shares of fell on Thursday after its digital payments affiliate priced its U.S. initial public offering below its targeted range.
PayPay priced its offering at $16 per American depositary share (ADS), below the previously marketed range of $17 to $20.
Tokyo-listed SoftBank shares fell 4% to 3,727 yen as of 03:30 GMT.
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The deal raised about $880 million through the sale of roughly 55 million ADSs.
The ADSs are expected to begin trading on the Nasdaq Global Select Market on March 12 under the ticker “PAYP.” The IPO is scheduled to close on March 13, subject to customary closing conditions.
Of the total shares offered, about 31.05 million ADSs are being issued by PayPay, while around 23.93 million ADSs are being sold by SVF II Piranha (DE) LLC, an investment vehicle ultimately controlled by SoftBank.
The lower pricing comes as geopolitical tensions and broader market volatility weigh on investor appetite for new listings.