Japan's PayPay raises $880 million in Nasdaq debut
PayPay, Japan's leading QR payment app, made headlines by raising $880 million in its US stock market debut on March 11.
Shares were priced at $16 each, giving the company a $10.7 billion valuation, just shy of earlier hopes for a higher price and bigger raise.
This marks the largest US listing by a Japanese company so far.
QR payment app for millions
Launched in 2018 as a SoftBank and Yahoo Japan project, PayPay has become the go-to QR payment app for millions (72 million users as of December 2025).
By waiving merchant fees for three years and offering regular cash back deals, it has helped push Japan closer to a cashless future.
IPO details and major investors
The IPO was managed by big names like Goldman Sachs and J.P. Morgan, with the IPO priced at $16 and PayPay planning to list on Nasdaq under the symbol PAYP.
Major investors like Visa and funds from Abu Dhabi and Qatar backed the deal after high demand during PayPay's roadshow, even after some delays due to global events.