PayPay, a unit of SoftBank Corp (TYO:9434), has launched its U.S. initial public offering roadshow, offering 55 million American depositary shares at an indicated price of $17 to $20 each, according to a Tuesday filing on the Tokyo Stock Exchange.

Of the total, 31.1 million ADS are newly issued by PayPay and 23.9 million are being sold by SVF II Piranha, an investment vehicle ultimately controlled by SoftBank Group Corp (TYO:9984).

Underwriters have a 30-day option to purchase up to 8.2 million additional ADS.

PayPay has applied to list on the Nasdaq Global Select Market under the ticker "PAYP." A public offering in Japan will include 8.7 million ADS as part of the global total.

The launch comes after reports surfaced that SoftBank had put the roadshow on hold as markets reeled from U.S. and Israeli strikes on Iran, which drove up oil prices, lifted volatility gauges and weighed on global equities.