PayPay Lists on Nasdaq With Market Value of 1.9 Trillion Yen

NEW YORK, Mar 13 (News On Japan) - PayPay, a major smartphone payment service under SoftBank Group, was listed on the Nasdaq market in the United States on March 12th, marking the largest U.S. listing ever by a Japanese company.

The company’s shares closed at 18.16 dollars on their first day of trading, exceeding the initial public offering price of 16 dollars. The closing price gave the company a market capitalization of approximately 12.1 billion dollars, or about 1.9 trillion yen.

The listing represents the largest scale listing by a Japanese firm on a U.S. stock exchange to date. PayPay has grown rapidly in Japan’s cashless payment market, expanding its user base and merchant network as smartphone-based payments become increasingly common.

Source: テレ東BIZ

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