By Katherine Hamilton

PayPay shares fell after the company said it closed its initial public offering of about 63.2 million American depositary shares.

The stock declined 10% to $20.64 on Monday. The Softbank subsidiary debuted on Nasdaq earlier this month with shares priced at $16 each.

Net proceeds to PayPay from the offering were 94.6 billion Japanese yen, equal to about $603 million, after deducting underwriting discounts and other expenses.

Underwriters fully exercised their option to purchase up to 8.2 million ADSs for $16 each, PayPay said.

SVF II Piranha, an investment fund controlled by Softbank, offered about 23.9 million ADSs in the IPO. SVF II received about $369 million for those ADSs.

The amount equivalent to the gain from the new share issuance and disposal in the offering won't be recognized in the company's consolidated statement of profit or loss because PayPay remains a subsidiary of SoftBank. Instead it will be recorded as a capital surplus.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

March 30, 2026 12:23 ET (16:23 GMT)

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