SoftBank’s PayPay targets US IPO at potential $13.4B valuation
SoftBank's PayPay is targeting a US IPO with a potential $13.4 billion valuation, aiming to raise up to $1.1 billion.Summary
PayPay Corp., majority-owned by SoftBank Group Corp., is aiming for a US Initial Public Offering (IPO) targeting a valuation of up to $13.4 billion, potentially setting a record for a Japanese firm on American exchanges. The Tokyo-based fintech firm and an affiliate of SoftBank Vision Fund II plan to sell 55 million American Depositary Receipts (ADRs) on Nasdaq under the ticker "PAYP" at $17 to $20 each, expecting net proceeds of about $555 million. The IPO marketing was temporarily delayed due to geopolitical tensions in the Middle East. Founded in 2018, PayPay has rapidly grown to over 72 million users in Japan, capitalizing on the shift to cashless payments. The company has expanded its services through acquisitions, gaining control of PayPay Bank and PayPay Securities to offer banking and brokerage services, and recently formed an alliance with Binance Japan to enhance crypto accessibility.
(Source：Crypto Briefing)