SoftBank-backed payments company PayPay has confidentially filed a draft registration statement with the US Securities and Exchange Commission (SEC) for a potential listing on a US stock exchange.
The listing would involve American depositary shares that represent PayPay’s common shares.
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Details regarding the listing’s timing, size, and pricing have not been disclosed at this stage.
The progression of the listing is dependent on the completion of the SEC’s review and prevailing market conditions, the company said in a statement.
SoftBank Group (SBG), which holds a stake in PayPay through its Vision Fund 2, stated its intention to retain PayPay as a subsidiary after the public listing.
SBG also does not anticipate any significant impact on its consolidated financial results or position as a result of the listing.
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By GlobalDataSet up in 2018, PayPay offers services that include mobile payments, banking, and credit cards.
The company boasts a substantial user base, with more than 70 million individuals utilising its services.
SoftBank might consider selling a portion of its stake, potentially 20%, in the initial offering, reported Financial Times, citing sources.
There is also the possibility of a future dual listing in Japan, the report added.
According to sources cited by Reuters, the offering could raise $2bn and may occur as soon as the last quarter of the current year.
Investment banks such as Goldman Sachs, JPMorgan Chase & Co, Mizuho Financial Group, and Morgan Stanley are reportedly leading the preparations for PayPay’s listing.
