PayPay, a SoftBank Corp-backed payments company that owns a 40% stake in Binance Japan, is seeking to raise up to $1.1 billion in a U.S. IPO, Reuters reported on Monday.
The Tokyo-based company and a selling shareholder plan to offer 55 million American depositary shares priced between $17 and $20 each, according to the report. At the high end of that range, the offering would value PayPay at more than $10 billion.
PayPay is the largest cashless payment provider in Japan, with over 70 million registered users. The company’s app allows consumers to make mobile payments in stores, transfer money and manage their balances digitally, as Japan gradually moves away from cash.
The shares are expected to trade on Nasdaq under the symbol “PAYP.” The listing was initially scheduled to launch before markets opened on Monday, but was postponed after global markets were shaken by this weekend’s attack on Iran, Reuters reported earlier.
The IPO comes as fintech companies test investor appetite for new listings amid volatile stock markets and growing geopolitical risk. A successful debut would mark one of the largest Japanese listings in the United States in recent years and provide SoftBank with another publicly traded asset tied to its broader digital finance strategy.
PayPay delved deeper into crypto through a financial and business alliance with Binance Japan in October. The partnership aimed to tie digital payments to crypto, allowing Binance Japan users to fund their purchases and withdraw profits via PayPay Money. A representative for Binance did not respond to a request for comment in time for publication.
