PayPay payment app goes public on U.S. stock market

PayPay, a Japanese payment app backed by SoftBank, has completed its initial public offering on the Nasdaq stock exchange in the United States. The company raised $879.8 million in the IPO, though it priced its shares below the expected range at $16 each. Following the debut, PayPay's shares rose 19% and the company reached a valuation of $12.7 billion.