SoftBank subsidiary PayPay has delayed its Nasdaq initial public offering roadshow that was scheduled to start on Monday this week, Reuters reported on Tuesday, citing two sources.
The move followed turmoil in global financial markets after the United States and Israel carried out air strikes on Iran and Supreme Leader Ayatollah Ali Khamenei died.
PayPay had planned to file an amended prospectus containing the IPO price range before the market opened on Monday and meet major institutional investors in sequence. But PayPay executives decided, after consulting advisers, to put the roadshow schedule on hold while watching the fallout from the Middle East situation, Reuters reported.
Energy prices jumped and major stock indexes fell on Monday after news of the strikes. As investors moved into safe-haven assets, the volatility index, known as the fear gauge of the U.S. stock market, hit a three-month high. Institutional investors tend to be reluctant to commit funds to new listings during periods of political instability, Reuters reported.
Chi-gyu Hwang (황치규)
delight@d-today.co.kr