PayPay, a unit of SoftBank Corp (TYO:9434), priced its initial public offering at $16 per American depositary share (ADS), offering nearly 55 million ADSs representing its common stock, according to a Thursday filing on the Tokyo Stock Exchange.

Of the total, close to 31.1 million ADSs are being issued by PayPay, and over 23.9 million ADSs are being sold by SVF II Piranha (DE), an investment vehicle controlled by SoftBank Group (TYO:9984).

The shares are expected to begin trading on the Nasdaq Global Select Market under the symbol PAYP, with the offering expected to close on March 13. PayPay granted underwriters a 30-day option to purchase up to around 8.2 million additional ADSs to cover over-allotments.

Goldman Sachs, J.P. Morgan, Mizuho Securities USA and Morgan Stanley are acting as joint book-running managers.