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PayPay Corporation, a subsidiary of SoftBank Group, has lined up Abu Dhabi Investment Authority (ADIA) and the investment arm of the Qatar Investment Authority (QIA) as anchor investors of its $1.1 billion Nasdaq IPO.
ADIA, QIA and Visa have collectively committed to take up to $220 million of the offering as cornerstone investors, Reuters reported.
The IPO’s roadshow, which was initially delayed on Monday following market volatility stemming from the Iran conflict, is targeting a valuation of $13.5 billion, making it the biggest offering of a Japanese firm on Nasdaq.
A total of 54,987,214 of American depositary shares (ADS), 31,054,254 of which are being offered by PayPay and 23,932,960 of which are being offered by the selling shareholder, SVF II Piranha (DE) LLC, an investment fund ultimately controlled by SBG, are being offered in the IPO.
The price per ADS for the proposed offering is estimated to be between $17 and $20, according to SoftBank.
The Japan-based digital payments provider aims to list on Nasdaq on March 11.
Goldman Sachs & Co, JP Morgan, Mizuho Securities USA and Morgan Stanley are acting as joint book-running managers.
(Writing by Bindu Rai, editing by Seban Scaria)
