SoftBank-backed payments company PayPay, which owns 40% of Binance Japan, is seeking to raise up to $1.1 billion in a U.S. initial public offering, Reuters reported on Monday.
The Tokyo-based company and a selling shareholder reportedly plan to issue 55 million American depositary shares at a price of between $17 and $20 per share. At the upper end of that range, PayPay would be valued at more than $10 billion.
PayPay is Japan’s largest cashless payment 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 moves away from cash.
The stock is expected to trade on Nasdaq under the symbol “PAYP.” The listing was initially set to launch before the market opened on Monday, but was delayed as attacks in Iran this weekend rocked global markets, Reuters reported earlier.
The IPO comes as fintech companies test investor appetite for new listings amid volatile stock markets and rising geopolitical risks. The successful listing would mark one of Japan’s larger U.S. listings in recent years and give SoftBank another publicly traded asset tied to its broader digital finance strategy.
In October, PayPay moved further into the cryptocurrency space by establishing a capital and business alliance with Binance Japan. The partnership aims to connect digital payments with cryptocurrencies, allowing Binance Japan users to fund purchases and withdraw earnings through PayPay Money. Representatives from Binance did not promptly respond to a request for comment.
