SoftBank-backed PayPay Corp has filed to list American depositary shares in the United States, aiming to raise over $2 billion in what could become one of the largest fintech offerings this year. The move underscores SoftBank’s growing appetite for global listings, following its successful IPO of Arm Holdings in 2023.
SoftBank Group Corp, headquartered in Tokyo, Japan, has announced that its payments subsidiary PayPay Corporation has officially applied for a U.S. initial public offering (IPO). The company confirmed the development in a filing on Friday, noting that the size, price band, and exact timeline of the offering will be disclosed at a later stage.
PayPay, a leading digital payments platform in Japan, has played a crucial role in accelerating the country’s adoption of cashless transactions. Its portfolio of services includes mobile payments, credit cards, and banking solutions, making it a key player in the region’s fintech sector. Following the IPO, PayPay will continue to operate as a subsidiary of SoftBank.
While the final valuation and structure remain under discussion, market estimates suggest that the IPO could raise more than $2 billion from investors, potentially as early as the fourth quarter of 2025. This would place PayPay among the most significant Japanese fintech listings in international markets.
SoftBank’s Recent IPO Track Record
SoftBank has been increasingly active in unlocking value from its portfolio through high-profile listings. In 2023, Arm Holdings, the British chip designer, made its market debut on Nasdaq in a blockbuster $5 billion IPO, marking one of the largest technology offerings of the decade.
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The group has also explored listings for various businesses across sectors, including Line Corp., a messaging platform, and its investments in logistics, e-commerce, and AI-driven companies. By positioning PayPay on Wall Street, SoftBank is extending its strategy of leveraging U.S. capital markets for scale, visibility, and liquidity.
For SoftBank, the PayPay listing represents not only a potential fundraising boost but also a strategic step in showcasing the strength of its fintech portfolio globally.
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