The Tokyo-based company, along with a selling shareholder, plans to offer nearly 55 million American depositary shares at a price range of $17 to $20 each, according to a statement released Monday. At the top end of the range, the offering would value the share sale at roughly $1.1 billion.
PayPay’s IPO roadshow had been expected to begin before markets opened on Monday but was postponed after investor sentiment was shaken by a weekend attack on Iran, Reuters previously reported. The delay underscores the fragile state of equity markets, where geopolitical tensions have added to existing volatility.
The U.S. IPO market has experienced a rocky start to the year, with several companies shelving or postponing listing plans amid sharp market swings. Analysts say a successful debut from PayPay could help restore confidence and revive deal activity.
Investor anxiety was reflected in a spike in the Cboe Volatility Index earlier Monday, as the widely tracked gauge climbed to a three-month high.
The offering is being led by a group of major Wall Street banks, including Goldman Sachs, J.P. Morgan, Mizuho and Morgan Stanley, which are serving as joint book-running managers.
PayPay plans to list its shares on the Nasdaq under the ticker symbol “PAYP.”