SoftBank Group’s payments unit PayPay has submitted a public filing for an initial public offering (IPO) in the US, moving forward with a listing process that had previously been delayed.
According to a Bloomberg report, the flotation could become the largest ever by a Japanese company on a US exchange.
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In the financial details included in a filing with the US Securities and Exchange Commission, PayPay reported a profit of Y103.3bn ($676m) on revenue of Y278.5bn for the nine months that ended on 31 December.
This compares with a profit of Y28.96bn on revenue of Y220.4bn in the same period a year earlier.
Details including the number of shares to be offered and the expected price range have not yet been disclosed.
SoftBank is pursuing a valuation of $10bn or more for PayPay, people familiar with the matter to Bloomberg. Earlier reporting said PayPay’s valuation could exceed Y3tn.
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By GlobalDataPayPay, known for its QR-code payments application in Japan, said in August that it had filed confidentially for a US listing. The business was initially established through a venture with Indian payments firm Paytm, which was previously backed by SoftBank’s Vision Fund.
It started with a focus on cashless payments and has since expanded into credit, banking, securities and insurance.
PayPay is expected to remain a SoftBank subsidiary after the IPO. The Japanese firm has previously said it does not expect the listing to have a material impact on its consolidated earnings.
The filing lists Goldman Sachs Group, JPMorgan Chase & Co, Mizuho Financial Group and Morgan Stanley as lead banks on the offering. PayPay plans to list on the Nasdaq Global Select Market under the ticker symbol PAYP.
