PayPay Seeks $1.1B U.S. IPO as Global Markets Stay on Edge

• PayPay seeks $1.1 billion as it prepares for a delayed and closely watched Nasdaq debut.
• The proposed float could value the payments group above $10 billion at the top range.
• Its Binance Japan alliance adds a crypto angle as investors weigh timing and risk.

PayPay, the SoftBank Corp.-backed payments company that owns a 40% stake in Binance Japan, is seeking to raise as much as $1.1 billion in a U.S. initial public offering, Reuters reported Monday. The Tokyo-based company and a selling shareholder plan to offer 55 million American depositary shares at $17 to $20 each. If the share price is at the top of that range, the deal would value PayPay at more than $10 billion. The company expects the shares to trade on the Nasdaq under the symbol “PAYP.” 

The listing had been set to launch before markets opened Monday, but the company postponed the start after global markets reacted to this weekend’s attack on Iran.

IPO Launch Faces a Shaky Market

The proposed share sale comes at a time when fintech companies are testing investor demand for new public listings. Equity markets remain volatile, while geopolitical tensions continue to weigh on sentiment. As a result, PayPay’s market debut arrives during a difficult stretch for issuers seeking strong pricing and stable trading conditions.

The planned IPO would raise PayPay’s outstanding share count to about 669 million. Based on that figure, financial reports say the company could reach a market value of about $13.4 billion if pricing lands near the upper end of the range. That would place the deal among the largest recent U.S. listings by a Japanese company.

The company had already faced timing pressure before the latest market disruption. Reports said its IPO roadshow, which was meant to build investor demand ahead of the debut, had also run into delays tied to a U.S. government shutdown. In that setting, the postponed launch adds another hurdle to a closely watched transaction.

PayPay’s Scale in Japan’s Cashless Shift

PayPay was founded in 2018 as a joint venture between SoftBank and Yahoo Japan. Since then, it has grown into Japan’s largest cashless payments provider. The company says it has more than 70 million registered users, and reports place that total above 72 million by the end of 2025.

Its mobile app lets consumers make payments in stores, send money, and manage digital balances. Users can complete purchases through QR code and barcode transactions, while linked bank accounts support a smoother payment process. That model helped the company expand as Japan steadily moved away from cash-based transactions.

PayPay also used incentives to speed up adoption. Cashback campaigns and fee waivers helped attract merchants and consumers during its growth phase. Those efforts helped turn the service into a major player in Japan’s digital finance market and set the stage for a high-profile U.S. listing.

Related: Japan Opens Consultation on Stablecoin Reserve Asset Rules

Binance Japan Tie Adds Crypto Angle

In October, PayPay expanded further into digital assets through a capital and business alliance with Binance Japan. The partnership aimed to connect digital payments with crypto-related services. Under the arrangement, Binance Japan users can fund purchases and withdraw proceeds through PayPay Money.

That link adds another layer to PayPal’s broader digital finance strategy. Because the company owns 40% of Binance Japan, the relationship gives investors added exposure to a business that sits at the intersection of payments and crypto services. A Binance representative did not respond to a request for comment before publication.

Several major financial institutions are leading the offering. Goldman Sachs, J.P. Morgan, Mizuho Financial Group, and Morgan Stanley are serving as joint book-running managers and will handle pricing, investor marketing, and distribution.

At the same time, subsidiaries of the Qatar Investment Authority, Visa, and the Abu Dhabi Investment Authority have committed to buy shares worth up to $220 million. Their support gives the IPO an added layer of backing as SoftBank moves to add another publicly traded asset tied to its wider digital finance ambitions.