SoftBank-backed PayPay (PAYP Proposed) – the dominant QR mobile app in Japan – is on center stage this week. The Tokyo-based company is the only large IPO on tap. U.S. stock futures are sliding early today after U.S. oil futures rose 18 percent to about $108 a barrel, their highest level since July 19, 2022, on fear that the war in Iran would restrict the flow of oil around the world, CNN reported. U.S. crude oil futures briefly touched $110 a barrel on Sunday night.
PayPay’s IPO consists of 55 million American Depositary Shares (ADS) at a price range of $17.00 to $20.00 to raise $1.02 billion – if priced at the $18.50 mid-point of its range. Under those terms, PayPay would have a market cap of $12.37 billion. Each ADS equals one ordinary share.
Goldman Sachs, J.P. Morgan, Mizuho and Morgan Stanley are leading the joint book-runners’ team.
“Since its launch in 2018, PayPay has become one of the most widely used digital wallets in Japan, with approximately 72 million PayPay registered users as of Dec. 31, 2025,” the prospectus said.
PayPay is “currently in discussions with Visa Inc. to enter into a business alliance to explore collaboration in Japan and the United States by leveraging our QR code-based payment platform and Visa’s global payment network and digital payment technologies,” according to the prospectus.
After the IPO, SoftBank will still control PayPay through its equity stake representing about 91.78 percent of the voting power of PayPay’s total issued and outstanding stock, the prospectus said.
PayPay makes money: Net income of $750.32 million on revenue of $2.33 billion for the 12 months that ended on Dec. 31, 2025, according to financial statements in the prospectus.
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