Japan Payments Giant PayPay Seeks to Raise Up to $1.1 Billion in Nasdaq IPO

SoftBank-backed PayPay began in 2018 as a joint venture between SoftBank and Yahoo Japan and is now Japan's largest mobile payment provider, with more than 70 million registered users. It also owns a 40% stake in Binance Japan, making its US listing both a means for its parent company to monetize an asset and a link between Japan's payments and cryptocurrency sectors.

PayPay initially sought to raise up to $1.1 billion at a valuation that could reach $13.4 billion. After turbulence stemming from the Middle East situation and wider market volatility, it priced about 54.99 million American depositary shares at $16 each on March 11, 2026, below the proposed range of $17 to $20, raising $879.8 million. The shares opened at $19 on March 12, about 19% above the offering price, giving the company a valuation of $12.7 billion.