PayPay Corp. (PAYP) stock plummeted 13.74% intraday on Monday, reflecting significant market reaction to recent corporate developments.

The sharp decline followed PayPay's announcement that it closed its initial public offering of approximately 63.2 million American depositary shares. The offering generated net proceeds of about $603 million after deducting underwriting discounts and expenses. SoftBank's investment fund SVF II Piranha sold about 23.9 million ADSs in the IPO, receiving approximately $369 million.

Underwriters fully exercised their option to purchase additional shares, and since PayPay remains a subsidiary of SoftBank, the proceeds from the offering will be recorded as capital surplus rather than impacting the company's profit or loss statement.