PayPay Corp. (NASDAQ:PAYP) is one of the 10 Stock Winners in a Brutal Market.
Financial technology firm PayPay Corp. ended its first trading day as a publicly listed company soaring by double digits, defying a lackluster performance in the broader market, thanks to strong investor confidence for its stock.
During the session, the stock opened at $19 and soared by as high as 20.6 percent at $19.29, versus its $16 initial public offering (IPO) price.
Meanwhile, Wall Street’s three major indices ended in a bloodbath during the day, all recording losses more than 1 percent.
PayPay Corp. (NASDAQ:PAYP), a subsidiary of the SoftBank Group, was able to raise as much as $880 million in fresh funds from its IPO through the successful sale of more than 54.98 million American depositary shares, representing its common shares.
Of the total, more than 31 million shares were offered by PayPay Corp. (NASDAQ:PAYP) while the other 23.9 million shares were sold by its existing shareholder, SVF II Piranha (DE) LLC, an investment fund also controlled by the SoftBank Group.
PayPay Corp. (NASDAQ:PAYP) is one of the leading financial technology companies in Japan, having registered 72 million users since it was launched by SoftBank and Yahoo Japan in 2018.
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