SoftBank's PayPay plans to price IPO around low end of range, sources say
TOKYO/NEW YORK, March 11 (Reuters) - The initial public offering (IPO) of SoftBank's 9984.T PayPay PAYP.O is likely to price around the low end of the marketing range as tensions in the Middle-East roil markets, according to two sources familiar with the matter.
The book for the Japanese payment app operator's IPO is covered by over five times, one of the sources said. The book has now closed and the pricing will be finalised after the U.S. market hours on Wednesday, the source added.
The company was offering 55 million American depositary shares, priced between $17 and $20 apiece, a filing earlier this month showed, targeting a valuation of up to $13.4 billion.
The sources declined to be named as the information is not public. PayPay could not immediately be reached for comment.
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