TOKYO (dpa-AFX) - PayPay Corp., a subsidiary of SoftBank Group Corp. (SFTBF, 9984.T), on Monday launched the roadshow for its initial public offering of American depositary shares, with 54,987,214 ADSs proposed to be offered.
The price is estimated between $17 and $20 per ADS.
The offering comprises 31,054,254 ADSs to be sold by PayPay and 23,932,960 ADSs to be sold by SVF II Piranha LLC, an investment fund ultimately controlled by SoftBank Group.
PayPay expects to grant underwriters a 30-day option to purchase up to an additional 8,248,081 ADSs to cover over-allotments.
The company has applied to list the ADSs on the Nasdaq Global Select Market under the symbol 'PAYP.'
In addition, 8,653,079 ADSs will be offered in Japan as part of the total proposed offering, at the same price range.
SoftBank Group intends for PayPay to remain its subsidiary following the IPO and said the transaction is not expected to have a material impact on its consolidated results or financial position.
SoftBank Group is currently trading 1.29% lesser at JPY 3,994 on the Tokyo Stock Exchange.
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