Source: Reuters
SoftBank Group is moving forward with plans to take its Japanese mobile payments platform, PayPay, public in the United States. According to individuals with knowledge of the matter, the company has enlisted Goldman Sachs, JPMorgan Chase & Co., Mizuho Financial Group, and Morgan Stanley to lead the IPO process.
The offering, which could raise more than $2 billion, may take place as early as the fourth quarter of this year. However, the final timing and size of the deal will depend on prevailing market conditions, the sources cautioned.
PayPay has been instrumental in accelerating Japan’s shift away from cash, incentivizing digital transactions through rebates and expanding into financial services such as banking and credit cards.
A U.S. debut for PayPay would mark SoftBank’s first major U.S. listing since the highly anticipated IPO of Arm Holdings in 2023, which debuted at a $54.5 billion valuation and has since seen its market capitalization climb above $145 billion.
The IPO push comes at a time when the U.S. market for new listings is experiencing renewed momentum, bolstered by strong tech sector earnings and improving investor sentiment amid signs of progress in trade negotiations. This optimism marks a stark contrast to earlier this year, when uncertainty over tariff policies dampened deal activity.
PayPay’s ownership is spread across several SoftBank affiliates, including SoftBank Corp., the Vision Fund, and LY Corp.—a joint venture between SoftBank and South Korea’s Naver Corp.
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IMAGE: Reuters
