PayPay Plans Nasdaq Debut With $13.4B Valuation Target

TLDR

• PayPay targets up to $1.1B in US IPO at $13.4B valuation.
• Company to list on Nasdaq under ticker PAYP.
• Nine month profit reached ¥103.3B on ¥278.5B revenue.
• Cornerstone investors eye up to $220M in shares.

SoftBank’s PayPay is moving ahead with plans for a US initial public offering that could value the company at about $13.4 billion. The fintech firm aims to raise up to $1.1 billion through the share sale.

PayPay Corp. and an affiliate of SoftBank Vision Fund II plan to sell 55 million American depositary shares. The shares are priced between $17 and $20 each. The company expects to list on Nasdaq under the ticker “PAYP.”

IPO Structure and Valuation Target

PayPay itself will offer about 31 million ADSs in the proposed US IPO. An existing shareholder linked to Vision Fund II will sell about 24 million shares. The combined sale could raise as much as $1.1 billion if priced at the top of the range.

The company expects net proceeds of about $555 million from its portion of the offering. The valuation could reach $13.4 billion based on the proposed price range. The IPO would rank among the largest US listings by a Japanese firm in recent years.

Three cornerstone investors have shown interest in the offering. Qatar Holding, Visa International, and Abu Dhabi Investment Authority may purchase up to $220 million in shares. These indications are non binding and subject to final pricing.

Market Conditions and Timing

The company delayed the formal marketing of the IPO due to market volatility. Tensions in the Middle East unsettled global markets and affected energy and bond prices. The delay followed airstrikes by the United States and Israel on Iran.

Despite the volatility, PayPay continues to pursue a US listing. The company published its preliminary prospectus on March 2. The listing is expected to proceed once market conditions stabilize.

SoftBank Group remains the majority owner of PayPay. The IPO aligns with SoftBank’s broader strategy to unlock value from its portfolio companies. The listing will also provide additional capital for PayPay’s expansion plans.

Growth in Digital Payments and Financial Services

Founded in 2018, PayPay has grown rapidly in Japan’s digital payments market. The company reports more than 72 million registered users. Its expansion has benefited from Japan’s increasing shift toward QR based cashless payments.

For the nine months through December, PayPay reported profit of ¥103.3 billion. Revenue for the same period reached ¥278.5 billion. The figures reflect growth in transaction volumes and financial services activity.

The company has expanded beyond QR code payments through acquisitions. In April 2025, it gained control of PayPay Bank and PayPay Securities. The move allows the firm to offer banking, lending, and brokerage services within its app.

In October, PayPay formed a strategic capital and business alliance with Binance Japan. PayPay acquired a 40 percent stake in the crypto exchange. The partnership connects PayPay’s user base with Binance’s blockchain infrastructure to expand crypto access in Japan.

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