After the bell today, PayPay (PAYP Proposed) of Japan disclosed the terms for its $1 billion IPO. SoftBank-backed PayPay and a selling shareholder plan to offer 55 million American Depositary Shares (ADS) at a price range of $17.00 to $20.00 to raise $1.02 billion, if the IPO is priced at the $18.50 mid-point of its range, according to the F-1/A filing dated March 2, 2026. The IPO is expected to price next week. (Please see our IPO Calendar for the pricing date.)
PayPay is the dominant QR code mobile app in Japan.
At pricing, PayPay would have a market cap of $12.37 billion.
Goldman Sachs, J.P. Morgan, Mizuho and Morgan Stanley are leading the joint book-runners’ team.
Citigroup, Jefferies, BofA Securities, Societe Generale, the Wolfe Nomura Alliance and Cantor are also joint book-runners.
Japan’s Digital Banking Play
PayPay is one of the most widely used digital wallets in Japan. The PayPay IPO is a super app play on Japan’s transformation from a cash to a digital economy
The company was founded in Japan on June 15, 2018, under the name Pay Corp. It began as a joint venture between SoftBank Corp. and Yahoo Japan Corp. to develop and offer electronic payment services. In July 2018, the company changed its name to PayPay Corp.
“Our story started with our code-based cashless payments solution,” PayPay said in the prospectus. “We launched this service in October 2018 and it rapidly expanded to become a nation-wide leading cashless payments ecosystem that had approximately 72 million PayPay registered users as of December 31, 2025, representing a penetration of 75% (75 percent) among 96 million smartphone users in Japan1.
“With the acquisition of PayPay Card Corporation in October 2022, our platform evolved to a next-generation payments ecosystem, seamlessly integrating our code-based payment and credit card payment services through our PayPay app.”
PayPay is profitable, according to the prospectus.
(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on the IPOScoop.com website.)
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