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SoftBank-backed PayPay aims for $13.4b valuation in US IPO
SoftBank-backed PayPay is targeting a valuation of up to US$13.4 billion in a US IPO that could raise roughly US$1.1 billion at the top end by selling nearly 55 million American depositary shares at US$17 to US$20 each, according to a regulatory filing.
PayPay was founded in 2018 as a joint venture between SoftBank and Yahoo Japan and is a Japanese mobile payments app.
The company had about 72 million registered users at end-2025 and plans to list on Nasdaq under the symbol PAYP with joint book-running managers Goldman Sachs, JP Morgan, Mizuho, and Morgan Stanley, per the filing.
Cornerstone investors, including a subsidiary of Qatar Investment Authority, an arm of Visa, and Abu Dhabi Investment Authority, have expressed interest in purchasing up to US$220 million of shares.
🔗 Source: Reuters
🧠 Food for thought
Implications, context, and why it matters.
PayPay earns more than payment fees
- PayPay had about 72 million registered users at end-2025. Part of its valuation rests on moves into higher-margin financial services.
- PayPay aims to sell banking, credit, investments, and insurance products to its existing user base 1.
- PayPay Invest, launched in 2022, lets users buy and sell securities inside the app starting from 100 yen 2.
- The expansion also reaches digital assets. Reuters reported in October 2025 that PayPay agreed to acquire a 40% stake in Binance Japan, adding upside while bringing tougher regulatory scrutiny 1.
The IPO puts SoftBank’s story in the spotlight
- A listing could give SoftBank liquidity and set a public-market price for a large unlisted holding 1.
- It lands alongside SoftBank’s concentrated artificial intelligence wager on OpenAI, the maker of ChatGPT. Simply Wall St says SoftBank committed over US$30 billion for an 11% OpenAI stake, with another US$30 billion under review 3.
- A strong debut would back the plan to list established regional tech firms on broader US markets. PayPay’s structure and timing still depend on market conditions and final IPO terms 1.
- Analysts told Reuters that a solid PayPay start could lift confidence in a volatile US IPO market. The outcome would also serve as a gauge of demand for SoftBank’s complex portfolio 4.
