By Ako Wang
March 2 (Reuters) – SoftBank’s PayPay has postponed its highly anticipated IPO roadshow that was scheduled to begin on Monday as markets were rattled by an attack on Iran this weekend, according to two people familiar with the matter.
The delay, which has not been previously reported, comes after the United States and Israel launched attacks on Iran that killed Supreme Leader Ayatollah Ali Khamenei and sent shockwaves through global financial markets.
The Japanese payments app company was set to file an updated prospectus outlining the price range for its planned Nasdaq listing before markets opened on Monday, kicking off meetings with major institutional investors, one of the people said. But PayPay executives decided to stop the road show after a phone call with advisers as they assess the outcome of the fight, the people said, asking not to be named because the information is private.
Fund managers are often reluctant to commit fresh capital to new stock listings during periods of political unrest, especially for growth-oriented companies that are sensitive to swings in sentiment. Energy prices rose and major stock indexes fell on Monday as investors fled to safe havens after the attacks. Wall Street’s so-called fear gauge, the VIX, hit a three-month high.
PayPay and SoftBank did not immediately respond to requests for comment.
Reuters reported last week that Qatar Investment Authority, Visa and Abu Dhabi Investment Authority were prepared to offer with combined commitments of more than $200 million. Two of those investors — the Qatar Investment Authority and the Abu Dhabi Investment Authority — are based in countries affected by recent Iranian missile strikes.
The delay marks another setback for PayPay’s listing hopes. The company delayed its IPO last year during the U.S. government shutdown, which disrupted regulatory processes and delayed filings with the SEC.
People cautioned that the launch of the roadshow depends on market conditions and may change.
(Reporting by Echo Wang in New York. Editing by Dan Kopecky)
