Japan’s PayPay files for U.S. IPO

Investing.com -- Japanese financial technology company PayPay Corp has filed for an initial public offering (IPO) in the United States, according to a Securities and Exchange Commission filing on Thursday.

The company has applied to list its American Depositary Shares on the Nasdaq Global Select Market under the symbol "PAYP."

PayPay, established in 2018 as a joint venture between SoftBank Group and Yahoo Japan through Z Holdings, has grown to become Japan's leading cashless payment service with approximately 72 million registered users as of December 31, 2025. This represents a 75% penetration among Japan's 96 million smartphone users.

The filing revealed that SVF II Piranha (DE) LLC owns 34% of common stock prior to the offering, while B Holdings Corp holds 49.99% and SoftBank Corp maintains an 8.01% stake.

For the three months ended December 31, PayPay reported total revenue of ¥99.85 billion and earnings per share of ¥28.9.

The company processed ¥15.39 trillion in Payment Segment GMV through its products for the year ended March 31, 2025, and has maintained over 20% annual GMV growth since the fiscal year ended March 31, 2019.

PayPay stated in the filing that it currently intends to retain any future earnings and may not pay dividends for the foreseeable future.

Goldman Sachs, J.P. Morgan, Mizuho, and Morgan Stanley will serve as lead underwriters for the IPO. Additional underwriters include Citigroup, Jefferies, BofA Securities, Societe Generale, Wolfe | Nomura Alliance, Cantor, Credit Agricole CIB, Daiwa Capital Markets, Natixis, Deutsche Bank Securities, SMBC Nikko, Barclays, ING, IMI – Intesa Sanpaolo, MUFG, and Santander.

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