PayPay Corp. shares surged 19% in their trading debut Thursday after the digital payments firm raised $879.8 million in the largest Japanese IPO on a U.S. exchange in a decade. The SoftBank-backed company priced its offering at the top of its range, reflecting strong investor demand for fintech growth stories.

PayPay's successful debut marks a significant milestone for Japanese companies seeking U.S. listings. The $880 million raise positions the company as a major player in the competitive digital payments sector, where it competes with established giants like PayPal and Square. The strong first-day performance suggests investors are bullish on PayPay's expansion plans in Japan's evolving fintech landscape.

The IPO's success could encourage other Japanese fintech firms to consider U.S. markets for their public debuts. PayPay's backing from SoftBank, which has been aggressively investing in digital payments globally, adds credibility to its growth narrative. The company's performance will be closely watched as a barometer for cross-border fintech investment appetite.