TOKYO, Japanese conglomerate SoftBank Group Corp announced that its payments arm, PayPay Corp, has officially submitted an application to list American depositary shares in the United States.
While the timeline, valuation, and size of the offering are still being finalized, SoftBank confirmed that it has already appointed banks to manage the potential initial public offering (IPO). According to sources cited by Reuters, the deal could raise over $2 billion from investors and may take place as early as the fourth quarter of this year.
Despite the listing, PayPay will remain a subsidiary of SoftBank, underscoring the conglomerate’s commitment to maintaining control of the rapidly growing fintech business.
SoftBank first signaled its intention to explore a U.S. listing for PayPay back in 2023. Since then, the payments platform has established itself as a major driver of Japan’s digital payments adoption, offering services that go beyond simple mobile transactions to include banking, credit cards, and financial solutions for both consumers and merchants.
PayPay’s strong growth comes as Japan continues to shift away from a cash-heavy culture toward digital financial ecosystems, accelerated by government incentives and consumer demand for more convenient payment options.
If successful, the IPO could mark one of SoftBank’s largest recent fundraising moves, bolstering its financial position and highlighting the company’s strategy of unlocking value from its portfolio of tech-driven businesses.
