SoftBank-backed PayPay Soars to $12.7 Billion Valuation in Nasdaq Debut

PayPay, a Japanese payments app backed by SoftBank, made its Nasdaq debut with a valuation of $12.7 billion. The company's shares opened 19% above the offer price, raising $880 million. PayPay's strong market share in Japanese payments and its ability to spur adoption by waiving transaction fees for small merchants have contributed to its success. The IPO comes as SoftBank steps up its push into artificial intelligence, including its "all-in" bet on OpenAI.