PayPay, a SoftBank Corp-backed payments company that owns a 40% stake in Binance Japan, is seeking to raise up to $1.1 billion in an initial public offering in the United States, Reuters reported on Monday.
The Tokyo-based company and a selling shareholder plan to offer 55 million American depositary shares at a price of 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 cashless payments provider, 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 gradually moves away from cash.
The shares are expected to trade on the Nasdaq under the symbol “PAYP.” The listing was initially scheduled to launch before markets open on Monday, but was postponed after global markets were rocked by this weekend’s attack on Iran, Reuters previously reported.
The IPO comes as fintech companies test investors’ appetite for new listings amid volatile stock markets and rising geopolitical risk. A successful debut would mark one of the largest Japanese listings in the U.S. in recent years and provide SoftBank with another publicly traded asset tied to its broader digital financial strategy.
PayPay delved deeper into cryptocurrencies through a capital and business alliance with Binance Japan in October. The partnership aimed to link digital payments with cryptocurrencies, allowing Binance Japan users to finance purchases and withdraw income through PayPay Money. A Binance representative did not respond to a request for comment in time for publication.
