SoftBank-Backed PayPay Said to Plan US IPO at $16 Per Share

Japanese digital-wallet provider PayPay Corp. is guiding investors that it will price its US initial public offering at $16 per share, below its marketed range, people familiar with the matter said, as the deal moves forward despite market turbulence.

The SoftBank Group Corp.-backed company is poised to price about 55 million American depositary receipts, putting the deal on track to raise $880 million, said the people, who asked not to be identified discussing a private matter. PayPay had marketed the ADRs, which each represent one common share, at $17 to $20 apiece.