SoftBank PayPay targets US IPO at $13.4B valuation
PayPay Corp and majority owner SoftBank Group Corp. are targeting up to $1.1 billion in a US IPO, making the deal the most likely US listing for the Japanese company.
The Tokyo-based fintech firm and affiliate of SoftBank's Vision Fund II are selling 55 million ADRs at $17 to $20, according to a March 2 forecast published on Nasdaq's debut under “PAYP.”
PayPay itself is offering about 31 million ADSs, and an existing shareholder linked to Softbank's Vision Fund will sell about 24 million shares. The company expects net income of approximately 555 million dollars.
Three cornerstone investors, including Qatar Holding, Visa International and the Abu Dhabi Investment Authority, have expressed interest in up to $220 million of the offering, although these signals are not binding.
The company has postponed the start of formal trading for its US IPO due to geopolitical tensions in the Middle East and unsettled markets. The delay followed volatility in energy and bond markets following US and Israeli airstrikes on Iran.
In the year Founded in 2018 with the backing of SoftBank Group, PayPay has grown to more than 72 million users in Japan, thanks to aggressive expansion and the country's transition to QR-based cashless payments.
The company reported a profit of ¥103.3 billion on revenue of ¥278.5 billion in the nine months to December.
PayPay expanded beyond QR-code payments by taking over PayPay Bank and PayPay Securities in April 2025 to offer in-app banking, credit and brokerage services.
Last October, PayPay and Binance Japan formed a strategic capital and business partnership, with PayPay taking a 40% stake in the crypto exchange. The partnership will connect PayPal's user base and cashless payment network with Binance's blockchain infrastructure to expand access to crypto in Japan.
