PayPay Targets $13.4B Valuation in Nasdaq IPO
SoftBank-backed PayPay Corp. is advancing plans for a U.S. initial public offering that could value the Japanese fintech firm at approximately $13.4 billion. The company aims to raise up to $1.1 billion by offering 55 million American depositary shares priced between $17 and $20 each, with a Nasdaq listing under the ticker "PAYP."
PayPay's financial performance shows robust growth, with ¥103.3 billion in profit on ¥278.5 billion revenue over nine months. Cornerstone investors have committed to purchasing up to $220 million worth of shares, signaling strong institutional interest in the offering.
The IPO structure involves PayPay offering 31 million ADSs, while a SoftBank Vision Fund II affiliate will sell 24 million shares. At the top of the price range, the company WOULD net about $555 million from its portion of the offering, marking one of the largest U.S. listings by a Japanese company in recent years.
