PayPay Aiming to Raise 1.1 B. Dollars in Nasdaq IPO

New York, March 2 (Jiji Press)--PayPay Corp. is aiming to raise up to 1.1 billion dollars through a planned initial public offering on the U.S. Nasdaq market, the Japanese smartphone payment service company said in a regulatory filing on Monday.

The IPO by the subsidiary of Japanese technology investor SoftBank Group Corp. is expected to be the biggest ever by a Japanese company on a U.S. stock exchange, according to U.S. media.

PayPay plans to offer about 55 million American depositary shares at a price of 17 to 20 dollars per share. Each ADS represents one common share.

The IPO will increase the number of PayPay's outstanding shares to roughly 669 million, putting its market capitalization as high as around 13.4 billion dollars.

Abu Dhabi Investment Authority, Visa International Service Association and Qatar Holding LLC have expressed interest in purchasing PayPay ADSs totaling up to 220 billion dollars, according to the filing.

[Copyright The Jiji Press, Ltd.]