PayPay Is Braving Market Turbulence to Cross IPO Finish Line

SoftBank-backed PayPay Corp. is betting its strong position in Japan’s cashless payments market and the support of cornerstone investors will insulate its plans for a US initial public offering from the current bout of market turbulence.

The Japanese digital wallet provider aims to raise $1.1 billion and is pushing ahead with its offering — set to price on Wednesday — despite heightened volatility after the outbreak of hostilities in the Middle East. PayPay is trying to avoid the fate of companies such as LiftOff Mobile Inc. and Clear Street Group Inc., which both postponed their listing plans last month.