SoftBank Group (SFTBF) (OTC:SFTBY)-backed PayPay is moving forward with plans to raise up to $1.1 billion in a U.S. initial public offering, seeking a valuation of as much as $13.4 billion despite volatile global markets.
IPO Details And Market Backdrop
On Monday, the company disclosed in a filing with the U.S. Securities and Exchange Commission that it plans to sell nearly 55 million American depositary shares priced between $17 and $20 each.
At the top of the range, the offering would value the company at roughly $13.4 billion. PayPay intends to list on the Nasdaq under the ticker symbol "PAYP."
The IPO comes at a shaky time for U.S. listings, with geopolitical tensions in the Middle East and broader market swings prompting some companies to delay offerings.
Japan's Cashless Payments Leader
Founded in 2018 as a joint venture between SoftBank Group and Yahoo Japan, PayPay rapidly expanded by waiving merchant fees and offering consumer incentives, accelerating Japan's shift toward cashless payments.
The app had about 70 million registered users in 2025, making it one of the country's largest digital wallets.
The offering comes as SoftBank accelerates its investments in artificial intelligence, including its support of OpenAI.
Cornerstone investors — including a subsidiary of the Qatar Investment Authority, an arm of Visa (NYSE:V) and the Abu Dhabi Investment Authority — have indicated interest in buying up to $220 million worth of shares in the deal, Reuters reported.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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