According to two informed sources, due to market turbulence caused by the Middle East conflict, the initial public offering (IPO) pricing for PayPay Corp., a payments company under SoftBank Group, is likely to be set at the lower end of its range. One source indicated that PayPay's IPO order book achieved over five times oversubscription and has now closed, with the final price expected to be determined after the US market closes on Wednesday. Based on documents filed this month, the Japanese payment app operator plans to issue 55 million American Depositary Shares, with a price range of $17 to $20 per share, targeting a valuation of up to $13.4 billion. One source mentioned that Tencent, Alipay under Ant Group, and Google have committed to participating as investors in the IPO. None of these companies responded to requests for comment. PayPay Corp. has played a central role in encouraging Japanese consumers to move away from their preference for cash by offering cashback incentives through its payment application. It currently boasts over 70 million registered users. However, the company's path to IPO has faced challenges. Reports last week indicated that PayPay's IPO roadshow was initially postponed due to market impacts from the Middle East conflict. Previously, during the US government shutdown last year, PayPay had also delayed its IPO because regulatory process disruptions led to filing delays. Despite recent market volatility, the US IPO market is expected to rebound significantly this year. Goldman Sachs predicts that IPO fundraising could quadruple by 2026, reaching a record $160 billion, with potential listings including Elon Musk's SpaceX, as well as artificial intelligence firms OpenAI and Anthropic. PayPay Corp. will mark the first US listing of a majority-owned investment by SoftBank following the high-profile IPO of Arm. SoftBank listed the chip design company in 2023 at a valuation of $54.5 billion, and its market capitalization has since risen to nearly $130 billion. PayPay Corp. plans to list on the Nasdaq under the ticker symbol "PAYP." Goldman Sachs, JPMorgan, Mizuho Bank, and Morgan Stanley are serving as joint bookrunners for the offering.