Tokyo-based digital payments firm PayPay and an affiliate of SoftBank Group plan to raise up to $1.1 billion through a U.S. initial public offering. This would mark the largest-ever listing for a Japanese company on a U.S. stock exchange. The IPO is set to price on March 11.
PayPay filed with the U.S. Securities and Exchange Commission on March 3, announcing its U.S. initial public offering. The company plans to offer 31.1 million American depositary receipts, while an affiliate of SoftBank Vision Fund II intends to sell 23.9 million ADRs. Each ADR represents one common share and will be priced between $17 and $20.
The offering aims to raise up to $1.1 billion, positioning it as the largest listing ever by a Japanese company on a U.S. exchange. PayPay had previously delayed formal marketing efforts due to uncertainties surrounding the conflict in the Middle East.
Headquartered in Tokyo, PayPay has expanded its digital payments services in collaboration with SoftBank Group's investment arms. This IPO forms part of the firm's broader growth strategy. Market observers note that it could encourage further international fundraising by Japanese firms, though outcomes will depend on investor responses.