PayPay, a Japan-based payments company backed by SoftBank, is seeking a valuation of up to $13.4bn in the US initial public offering (IPO), according to a filing submitted to the Securities and Exchange Commission.
The company will offer 31.1 million American depositary receipts (ADRs), Bloomberg reported citing the filing. An affiliate of SoftBank Vision Fund II will also sell 23.9 million ADRs in the transaction.
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Each ADR represents one common share.
PayPay set an expected price range of $17 to $20 per ADR. At the top of the range, the IPO would raise about $1.1bn.
The planned listing follows PayPay’s public filing for the IPO submitted nearly a month earlier, as part of a process toward a stock market debut.
The marketing for the IPO was expected to begin earlier. It was later postponed after global markets reacted to a widening conflict in the Middle East, the publication added citing people familiar with the matter.
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By GlobalDataIn the same filing, PayPay said a subsidiary of Qatar Investment Authority, an arm of Visa, and Abu Dhabi Investment Authority have indicated interest in purchasing up to $220m of shares in the offering.
PayPay was founded in 2018 as a joint venture between SoftBank and Yahoo Japan. The company entered the market by waiving transaction fees for up to three years for small and medium-sized merchants, aiming to increase adoption of digital payments.
At the end of 2025, PayPay reported about 72 million registered users at the end of 2025.
PayPay said it plans to debut on the Nasdaq under the symbol ‘PAYP’.
Goldman Sachs, JP Morgan, Mizuho and Morgan Stanley are acting as joint book-running managers for the offering.
