PayPay (PAYP) Ends 13.5% Higher on IPO

PayPay Corp. (NASDAQ:PAYP) is one of the 10 Stock Winners in a Brutal Market.

Financial technology firm PayPay Corp. ended its first trading day as a publicly listed company soaring by double digits, defying a lackluster performance in the broader market, thanks to strong investor confidence for its stock.

During the session, the stock opened at $19 and soared by as high as 20.6 percent at $19.29, versus its $16 initial public offering (IPO) price.

Meanwhile, Wall Street’s three major indices ended in a bloodbath during the day, all recording losses more than 1 percent.

PayPay Corp. (NASDAQ:PAYP), a subsidiary of the SoftBank Group, was able to raise as much as $880 million in fresh funds from its IPO through the successful sale of more than 54.98 million American depositary shares, representing its common shares.

PayPay (PAYP) Ends 13.5% Higher on IPO

Of the total, more than 31 million shares were offered by PayPay Corp. (NASDAQ:PAYP) while the other 23.9 million shares were sold by its existing shareholder, SVF II Piranha (DE) LLC, an investment fund also controlled by the SoftBank Group.

PayPay Corp. (NASDAQ:PAYP) is one of the leading financial technology companies in Japan, having registered 72 million users since it was launched by SoftBank and Yahoo Japan in 2018.

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