Group 1 - The initial public offering (IPO) of SoftBank's PayPay is expected to price at the low end of its marketing range due to market volatility caused by the conflict in the Middle East [1][3] - PayPay's IPO involves offering 55 million American depositary shares priced between $17 to $20 each, targeting a valuation of up to $13.4 billion [2] - The company has over 70 million registered users and has played a significant role in shifting Japanese consumer preferences from cash to digital payments [3] Group 2 - PayPay's IPO was previously postponed due to the U.S. government shutdown, which affected regulatory processes [4] - The IPO would be the first U.S. listing of a SoftBank majority investment since the IPO of Arm, which was valued at $54.5 billion in 2023 [5] - Major financial institutions such as Goldman Sachs, J.P. Morgan, Mizuho, and Morgan Stanley are acting as joint book-running managers for the PayPay offering [5]