PayPay, a Japan-based payments company owned by SoftBank Group, has submitted a public filing for an initial public offering (IPO) in the US. This move marks the continuation of a listing process that had been temporarily put on hold.
According to Bloomberg, this could result in PayPay becoming the largest IPO ever by a Japanese company listed on a US exchange.
For the nine months ending 31 December 2025, PayPay reported a profit of USD 676 million against revenue of USD 1,816 million.
Seeking Valuation Exceeding USD 10 Billion
SoftBank aims to achieve a valuation for PayPay that surpasses USD 10 billion. Reports suggest the company’s market value could potentially exceed approximately USD 20 billion.
The specific number of shares to be offered and the price range have not yet been disclosed.
PayPay plans to list on the Nasdaq Global Select Market with the ticker symbol PAYP.
Background and Expansion
In August 2025, PayPay announced it had filed confidentially for a US listing. Initially established through a venture with Indian payments firm Paytm, backed by SoftBank’s Vision Fund, the company began operations focusing on cashless payments via QR codes.
Since then, PayPay has expanded into credit, banking, securities, and insurance services while remaining a SoftBank subsidiary post-IPO. SoftBank indicated that it does not expect significant changes to its consolidated earnings as a result of the listing process.
Market Positioning and Growth
Operating a mobile payments application in Japan, PayPay facilitates QR code-based transactions at retail locations, online merchants, and peer-to-peer transfers. The company benefited from government initiatives promoting cashless transactions.
PayPay increased its market share through promotional campaigns offering cashback incentives to users and subsidies for merchants for point-of-sale equipment.
Underwriting Arrangements
Goldman Sachs Group, JPMorgan Chase, Mizuho Financial Group, and Morgan Stanley have been appointed as lead banks to manage the underwriting process for this IPO. These institutions will handle pricing and initial distribution of shares.
