PayPay has submitted a public filing for an initial public offering (IPO) in the US, advancing a listing process previously delayed.
The Japan-based payments company, owned by SoftBank Group, filed with the US Securities and Exchange Commission. The flotation could become the largest ever by a Japanese company on a US exchange, according to Bloomberg.
PayPay reported a profit of USD 676 million on revenue of USD 1,816 million for the nine months ending 31 December 2025.
Valuation targets exceed USD 10 billion
SoftBank is seeking a valuation of USD 10 billion or more for PayPay, according to individuals familiar with the matter cited by the aforementioned sources. Earlier reporting indicated PayPay's valuation could exceed approximately USD 20 billion.
At the time of writing, details, including the number of shares to be offered and the expected price range, have not been disclosed to the public. PayPay plans to list on the Nasdaq Global Select Market under the ticker symbol PAYP.
PayPay announced in August 2025 that it had filed confidentially for a US listing. The business was initially established through a venture with Indian payments firm Paytm, previously backed by SoftBank's Vision Fund.
The company started with cashless payments using QR codes and has expanded into credit, banking, securities, and insurance services. PayPay is expected to remain a SoftBank subsidiary following the IPO. SoftBank previously stated it does not expect the listing to materially impact its consolidated earnings.
Market positioning and operational scale
PayPay operates a mobile payments application in Japan, enabling QR code-based transactions at retail locations, online merchants, and peer-to-peer transfers.
Japan's mobile payment market expanded following government initiatives promoting cashless transactions. PayPay gained market share through promotional campaigns offering cashback incentives to users and subsidies to merchants for point-of-sale equipment.
The filing positions Goldman Sachs Group, JPMorgan Chase, Mizuho Financial Group, and Morgan Stanley as lead banks on the offering. These institutions will manage the underwriting process, pricing, and initial distribution of shares.
