SoftBank-backed PayPay files for US IPO
PayPay, the mobile payments giant backed by SoftBank, just filed to go public in the US.
The company is looking to raise over $2 billion through its IPO; investors expect the valuation could exceed 3 trillion yen.
The official filing comes after months of behind-the-scenes prep.
Japan's top mobile payments app
PayPay is Japan's top mobile payments app.
Beyond payments, it now offers credit cards, banking, and securities—kind of an all-in-one finance platform.
IPO details
Business is booming: PayPay pulled in ¥278.5 billion in revenue and made ¥103.3 billion ($675 million) profit in just nine months—way up from the year-earlier period's numbers (nine months ended Dec. 31, 2024).
The IPO will be led by big names like Goldman Sachs and J.P. Morgan.
Once listed on Nasdaq as "PAYP," the company may issue American Depositary Shares (ADS).