SoftBank-backed (TYO:9434) PayPay kept the option of a dual listing in Tokyo open after its $880 million initial public offering in New York, Bloomberg News reported Friday, citing CEO Ichiro Nakayama.

American depositary receipts of the digital payments firm rose 14% from the $16 IPO price, valuing the company at about $12.1 billion, according to the report.

Nakayama said the U.S. listing supports PayPay's growth plans for now, though a future presence on Tokyo's market remains under consideration, the report said.

The listing marks the largest U.S. IPO by a Japanese company in a decade and supports major shareholder SoftBank Group Corp. Launched in 2018, PayPay has grown to roughly 72 million users and accounts for about 20% of Japan's cashless payments, according to the report.

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