On February 12, PayPay submitted its filing for a U.S. initial public offering, advancing with its highly anticipated stock market debut after a delay caused by a U.S. government shutdown, backed by SoftBank.
The move sets the stage for the first U.S. listing of a SoftBank-majority investment since the blockbuster IPO of chip designer Arm Holdings in 2023, News.Az reports, citing Reuters.
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PayPay’s stock market flotation was initially expected in December, but the longest-ever U.S. government shutdown delayed the regulatory review and pushed back the planned listing.
The company reported a profit of 103.3 billion yen ($675.47 million) on revenue of 278.5 billion yen for the nine-month period ended December 31, compared with a profit of 29 billion yen on revenue of 220.4 billion yen a year earlier.
The offering could raise more than $2 billion and investors expect the valuation of PayPay could exceed 3 trillion yen, Reuters has previously reported.
PayPay did not disclose the size or the proposed price range. The company and SoftBank plan to sell shares in the proposed offering.
The listing had been in the works for some time, with SoftBank setting PayPay’s flotation as a goal back in 2021.
