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PayPay, holding a 40% stake in Binance Japan, aims to raise as much as $1.1 billion through a Nasdaq initial public offering.
The Nasdaq-bound payments firm backed by SoftBank targets a valuation above $10 billion.
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What to know:
- PayPay, the leading cashless payment provider in Japan, with backing from SoftBank, aims to secure up to $1.1 billion through a U.S. initial public offering that could value the firm at over $10 billion.
- In October, PayPay obtained a 40% share in Binance Japan.
- The Tokyo-headquartered company and a selling shareholder intend to offer 55 million American depositary shares, priced between $17 and $20 each, on Nasdaq under the ticker symbol PAYP.
PayPay, a payments company supported by SoftBank and holding a 40% interest in Binance Japan, is looking to raise as much as $1.1 billion in a U.S. IPO, as reported by Reuters on Monday.
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The Tokyo-based firm and a selling shareholder plan to issue 55 million American depositary shares priced from $17 to $20 each, according to the report. At the upper end of this range, the valuation of PayPay would exceed $10 billion.
As Japan’s largest cashless payment provider, PayPay has over 70 million registered users. The company’s application enables users to conduct mobile payments at various retailers, transfer funds, and manage digital balances, as Japan progressively moves away from cash transactions.
The shares are anticipated to be traded on the Nasdaq with the ticker “PAYP.” The initial launch was scheduled for before the market opened on Monday but was delayed following disruptions in global markets due to the recent attack on Iran, as reported by Reuters earlier.
This IPO occurs as fintech companies gauge investor interest for new listings amid fluctuating equity markets and escalating geopolitical risks. A successful launch would represent one of the larger Japanese listings in the U.S. in recent years and provide SoftBank with an additional publicly traded asset associated with its comprehensive digital finance strategy.
In October, PayPay deepened its involvement in cryptocurrency through a capital and business alliance with Binance Japan. This partnership aims to connect digital payments with cryptocurrency, allowing Binance Japan users to fund purchases and withdraw earnings via PayPay Money. A spokesperson for Binance did not provide a timely comment for publication.
