SoftBank’s PayPay prices IPO below range at $16 a share

SoftBank Group-backed PayPay on Wednesday priced ​its US initial public offering ​at $16 per share, below its targeted price range, as the US-Israeli war with ​Iran weighed on market sentiment.

The IPO raised about $880 million based on 55 million American depositary receipts sold, valuing the Japanese digital wallet provider at $10.7 billion.

PayPay confirmed the pricing in a statement on its ‌website after Reuters reported ⁠the ⁠details earlier on Wednesday.