PayPay Corp. and its majority owner, SoftBank Group Corp., are targeting up to $1.1 billion in a US IPO, positioning the deal as a potential record-setting American listing for a Japanese firm.

The Tokyo-based fintech firm and an affiliate of SoftBank Vision Fund II are together selling 55 million ADRs at $17 to $20 each, with a Nasdaq debut expected under the ticker “PAYP,” according to a preliminary prospectus published on March 2.

PayPay itself is offering about 31 million ADSs, while an existing shareholder linked to SoftBank’s Vision Fund will sell roughly 24 million shares. The company expects net proceeds of approximately $555 million.

Three cornerstone investors, including Qatar Holding, Visa International, and Abu Dhabi Investment Authority, have signaled interest in acquiring up to $220 million of the offering, though those indications are non-binding.

The company postponed the start of formal marketing for its US IPO as geopolitical tensions in the Middle East unsettled markets. The delay followed airstrikes by the US and Israel on Iran, which drove volatility across energy and bond markets.

Founded in 2018 with backing from SoftBank Group, PayPay has grown to more than 72 million users in Japan, benefiting from aggressive expansion and the country’s shift toward QR-based cashless payments.

The company reported ￥103.3 billion in profit on ￥278.5 billion in revenue for the nine months through December.

PayPay has expanded beyond QR-code payments through acquisitions, gaining control of PayPay Bank and PayPay Securities in April 2025 to offer banking, lending, and brokerage services within its app.

Last October, PayPay and Binance Japan formed a strategic capital and business alliance, with PayPay taking a 40% stake in the crypto exchange. The partnership links PayPay’s user base and its cashless payments network with Binance’s blockchain infrastructure to expand crypto accessibility in Japan.

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