PayPay, SoftBank Seek $1.1 Billion in Payments Firm’s US IPO (1)

PayPay Corp. and an arm of SoftBank Group Corp. are seeking to raise as much as $1.1 billion in the digital payments firm’s US IPO, in what would be the biggest-ever listing for a Japanese company on a US stock exchange.

Tokyo-based PayPay is offering 31.1 million American depositary receipts, while an affiliate of SoftBank Vision Fund II, an investment arm of the Japanese conglomerate, is selling 23.9 million ADRs, according to a filing with the US Securities and Exchange Commission Monday. The ADRs, which each represent one common share, are being offered for $17 to $20 each.

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