Overview

• PayPay filed an application with the U.S. Securities and Exchange Commission on Aug. 14 to list American depositary shares.
• The company did not specify an exchange or disclose the timing, size or pricing of the planned offering.
• SoftBank Group said PayPay will remain its subsidiary and does not expect the listing to materially affect its financial results.
• Reuters sources say Goldman Sachs, JPMorgan Chase, Mizuho Financial and Morgan Stanley have been engaged to underwrite a possible IPO.
• Analysts estimate a potential Q4 2025 IPO could raise over $2 billion, underpinned by PayPay’s 70 million users and ¥249 billion in annual payment revenues.