PayPay is the Japan’s most widely used payment platforms, amassing roughly 72 million registered users. Reuters reports that SoftBank is targeting a valuation of $14 billion for the Nasdaq listing and expects the offering could raise over $2 billion.
PayPay Corporation (“PayPay”) today announces that, on March 2, 2026 (U.S. time), it has launched the roadshow for the initial public offering (the “IPO”) of American depositary shares (“ADSs”) representing its common shares.
A total of 54,987,214 ADSs, 31,054,254 of which are being offered by PayPay and 23,932,960 of which are being offered by the selling shareholder, SVF II Piranha (DE) LLC, an investment fund ultimately controlled by SoftBank Group Corp., are being offered in the IPO (the “Proposed Offering”). PayPay expects to grant the underwriters an option to purchase up to an additional 8,248,081 ADSs to cover over-allotments, if any, for 30 days after the date of the final prospectus. The price per ADS for the Proposed Offering is estimated to be between $17 and $20. PayPay has applied to list the ADSs on the Nasdaq Global Select Market under the symbol “PAYP”.
Goldman Sachs & Co. LLC, J.P. Morgan, Mizuho Securities USA LLC and Morgan Stanley & Co. LLC (in alphabetical order) are acting as joint book-running managers for the Proposed Offering.
In addition, as part of the Proposed Offering, a public offering of the ADSs in Japan (the “Public Offering in Japan”) is planned. 8,653,079 ADSs are being offered in the Public Offering in Japan, as a part of 54,987,214 ADSs above. The price per ADS in the Public Offering in Japan is the same as the Proposed Offering.
Visa is reportedly joining Qatar Holding and the Abu Dhabi Investment Authority to invest more than $200 million as anchor investors for the forthcoming US IPO of Softbank’s PayPay. Earlier this month, PayPay entered a partnership with Visa to extend its offering to the United States.
„By combining PayPay’s expertise and platform in financial and payment services with Visa’s digital technologies and global network, the partnership aims to build a globally usable PayPay ecosystem. As the first phase of its global expansion, PayPay will begin exploring the potential rollout of a digital wallet in the United States that supports both NFC (contactless) payments and QR code payments.” – according to the press release.
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PayPay has been providing the QR code-based payment service “PayPay” since 2018. PayPay has led the adoption of mobile payments in Japan through QR code payments and has expanded its business into areas such as money transfers, financial services, and marketing solutions.
In fiscal year 2024, PayPay recorded transaction volume of JPY 15.4 trillion on a consolidated basis including PayPay Card, and JPY 12.5 trillion on a standalone basis, with a total of 7.8 billion transactions. PayPay accounts for approximately two-thirds of the QR code payment market in Japan and has become a widely used payment method for everyday transactions.
The Japanese payments app has 72 million registered users as of December 2025 and reported a profit of JPY ¥103.3 billion last year.
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