PayPay, the Japanese mobile payment service backed by SoftBank Group, is seeking to raise up to $1.1 billion in an initial public offering on the Nasdaq, according to a Reuters report Monday. The Tokyo-based company plans to offer 55 million American depositary shares priced between $17 and $20 each, potentially valuing the firm at over $10 billion at the high finish of the range.
The planned IPO, initially scheduled to launch Monday before being postponed due to geopolitical instability following an attack on Iran, comes as fintech companies gauge investor interest in new listings amid market volatility and heightened global risks. A successful offering would represent one of the larger U.S. Listings by a Japanese company in recent years and bolster SoftBank’s digital finance portfolio.
PayPay currently holds the position of Japan’s largest cashless payments provider, serving more than 70 million registered users. The company’s app facilitates mobile payments at retail locations, peer-to-peer money transfers, and digital balance management as Japan continues its transition away from cash-based transactions.
The offering includes shares from both PayPay and a selling shareholder, Reuters reported. The company intends to trade on the Nasdaq under the ticker symbol “PAYP.”
PayPay deepened its involvement in the cryptocurrency sector in October through a capital and business alliance with Binance Japan. The partnership aims to integrate digital payments with cryptocurrency access, enabling Binance Japan users to fund purchases and withdraw funds using PayPay Money, a smartphone-based digital wallet. The collaboration intends to allow PayPay’s 70 million users to buy, sell, and store digital assets.
Under the terms of the October agreement, PayPay acquired a 40% equity stake in Binance Japan, making Binance Japan an equity-method affiliate of PayPay. This move combined PayPay’s established payment infrastructure and extensive user base with Binance’s global blockchain expertise, with the stated goal of accelerating the adoption of digital finance and Web3 technologies in Japan.
Binance Japan’s general manager, Takeshi Chino, stated at the time of the alliance that it represented “a significant step toward the future of digital finance in Japan,” adding that combining PayPay’s user scale with Binance’s technology would increase accessibility to Web3 services.
A representative for Binance did not respond to a request for comment regarding the IPO.
