IPO Price at SoftBank's PayPay Set at 16 Dlrs per Share

Tokyo, March 12 (Jiji Press)--PayPay Corp., a Japanese online payment company under SoftBank Group Corp., said Thursday that its initial public offering price for its U.S. Nasdaq stock market debut has been set at 16 dollars per share.

Trading in PayPay will begin on the market mainly for technology stocks later Thursday.

The IPO price fell below the tentatively set price range of 17 to 20 dollars, apparently weighed down by the market turmoil due to the escalating Middle East tensions.

The market capitalization at the time of the listing is expected to reach 10.7 billion dollars, or 1.7 trillion yen, making it among the largest IPOs for Japanese companies.

About 55 million PayPay shares, including those held by SoftBank Group, are set to be released in the IPO. As a result, SoftBank Group's stake is set to fall to slightly over 28 pct from 34.0 pct.

[Copyright The Jiji Press, Ltd.]