PayPay Corp. and its majority owner SoftBank Group Corp. is targeting up to $1.1 billion in a U.S. IPO, positioning the deal as a potential record U.S. listing for a Japanese company.
The Tokyo-based fintech firm and SoftBank subsidiary Vision Fund II will jointly sell 55 million ADRs at $17 to $20, pending a Nasdaq debut under the ticker symbol “PAYP,” according to a preliminary prospectus published on March 2.
PayPay itself is offering about 31 million ADSs, while an existing shareholder linked to SoftBank’s Vision Fund is selling about 24 million shares. The company expects net income of approximately $555 million.
Three equity investors, including Qatar Holding, Visa International and the Abu Dhabi Investment Authority, have expressed interest in raising up to $220 million in the offering, although the figures are not binding.
The company delayed the start of official marketing for its US IPO because of geopolitical tensions in volatile markets in the Middle East. The delay followed US and Israeli airstrikes on Iran, which caused volatility in energy and bond markets.
PayPay, founded in 2018 with the backing of SoftBank Group, has grown to more than 72 million users in Japan, benefiting from aggressive expansion and the country’s shift to QR-based cashless payments.
The company reported ¥103.3 billion in profit on ¥278.5 billion in revenue in the nine months to December.
PayPay has expanded beyond QR code payments through acquisitions, acquiring control of PayPay Bank and PayPay Securities in April 2025, offering banking, lending and brokerage services as part of its program.
Last October, PayPay and Binance Japan formed a strategic investment and business alliance, with PayPay taking a 40% stake in the crypto exchange. The partnership will connect PayPay’s user base and its cashless payments network with Binance’s blockchain infrastructure to expand the reach of crypto in Japan.
