PayPay Targets $13.4B US IPO, One of the Largest Japanese Listings in Years

Japanese payments app PayPay is aiming for a valuation of up to US$13.4 billion in its US IPO pushing ahead despite turbulent markets.

The listing could become one of the largest US IPOs by a Japanese company.

The US IPO market has started the year on shaky ground, with some companies delaying flotation plans amid market swings, Reuters reported.

Analysts suggested that a strong PayPay debut could bolster investor confidence despite the volatility.

According to a regulatory filing, PayPay and its backers plan to sell nearly 55 million American depositary shares, priced between US$17 and US$20 each, potentially raising roughly US$1.1 billion at the top end.

PayPay postponed its IPO roadshow, scheduled to begin before markets opened on 2 March, after a widening conflict in the Middle East jolted global markets.

Founded in 2018 as a joint venture between SoftBank and Yahoo Japan, PayPay entered the market by waiving transaction fees for up to three years for small and medium-sized merchants to encourage digital payments.

The company has supported Japan’s move towards cashless transactions through rebates and other incentives, and had around 72 million registered users at the end of 2025.

Featured image credit: PayPay

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