PayPay, a SoftBank Corp-backed payments company that owns a 40% stake in Binance Japan, is seeking to raise as much as $1.1 billion in a U.S. initial public offering, Reuters reported on Monday.
The Tokyo-based company and a selling shareholder plan to offer 55 million American Depositary Shares at a price between $17 and $20 each, according to the report. At the high end of that range, the offering would value PayPay at more than $10 billion.
PayPay is Japan’s largest provider of cashless payments with more than 70 million registered users. The company’s app allows consumers to make mobile payments in stores, transfer money and manage digital balances as Japan steadily shifts away from cash.
The shares are expected to trade on the Nasdaq under the symbol “PAYP.” The IPO was originally planned to launch before markets opened on Monday, but was postponed after global markets were rattled by the weekend’s attack on Iran, Reuters reported earlier.
The IPO comes as fintech companies test investors’ appetite for new IPOs amid volatile stock markets and rising geopolitical risk. A successful debut would mark one of the larger Japanese IPOs in the US in recent years and give SoftBank another listed asset tied to its broader digital finance strategy.
PayPay moved deeper into crypto through a capital and business alliance with Binance Japan in October. The partnership aimed to connect digital payments with crypto, allowing Binance Japan users to fund purchases and withdraw proceeds through PayPay Money. A representative for Binance did not respond to a request for comment in time for publication.
