PayPay, a Japanese digital wallet provider, priced its U.S. IPO at $16 per share, below its initial target range of $17-$20. The offering raised approximately $880 million, giving the company a valuation of $10.7 billion.
The IPO's pricing was impacted by volatile market conditions due to the U.S.-Israeli war with Iran, which caused the company to briefly delay its roadshow. This marks the first U.S. listing of a SoftBank majority-owned company since Arm Holdings in 2023.
PayPay, founded as a SoftBank and Yahoo Japan joint venture, has grown to about 72 million users in Japan. Major investors Visa, the Abu Dhabi Investment Authority, and the Qatar Investment Authority are anchoring the IPO with commitments to purchase up to $220 million in shares.
Main Topics: PayPay IPO pricing and details; impact of geopolitical tensions on markets; PayPay's business background and market position; anchor investors in the offering; context of the U.S. IPO market and SoftBank's listing history.
SoftBank Group-backed PayPay on Wednesday priced âits US initial public offering âat $16 per share, below its targeted price range, as the US-Israeli war with âIran weighed on market sentiment.
The IPO raised about $880 million based on 55 million American depositary receipts sold, valuing the Japanese digital wallet provider at $10.7 billion.
PayPay confirmed the pricing in a statement on its âwebsite after Reuters reported â the â details earlier on Wednesday.
PayPay was likely to price the IPO around the low end of the range, âReuters reported on Tuesday. It originally wanted to sell the shares at a target range of $17 to $20 âapiece.
The IPO comes as the US-Israeli war with Iran rattles global markets. The company delayed the launch of the roadshow this week before resuming it a day later as âit reassessed market conditions, Reuters reported.
The US IPO market â is set to ârebound sharply this year after a bout of volatility. Goldman Sachs âhas forecast âproceeds could quadruple to a record $160 billion in 2026, driven by â a pipeline of large private companies, including SpaceX, OpenAI and Anthropic preparing âpotential debuts.
PayPay would mark the first US listing of a âSoftBank majority investment since the blockbuster IPO of Arm Holdings in 2023. SoftBank took the chip designer public at a valuation of $54.5 billion. Its market capitalization has since risen to more than $127 billion.
Founded in 2018 as a joint venture between SoftBank and Yahoo Japan, PayPay entered the market by waiving transaction fees for small and medium-sized merchants for up âto three years to spur adoption. The company has since become one of Japan's most widely used digital wallets, with about 72 million registered users âat the âend of 2025.
Visa, the â Abu Dhabi Investment Authority and a subsidiary of the Qatar Investment Authority are anchoring the IPO by purchasing up to $220 million of PayPay's shares upon debut.
PayPay has also played a ârole in Japan's push toward cashless payments, offering rebates and other incentives to encourage consumers to use its mobile app.
The company plans to list on the Nasdaq under the symbol "PAYP."
Goldman Sachs, J P Morgan, Mizuho and Morgan Stanley are joint book-running managers for the offering.
The IPO raised about $880 million based on 55 million American depositary receipts sold, valuing the Japanese digital wallet provider at $10.7 billion.
PayPay confirmed the pricing in a statement on its âwebsite after Reuters reported â the â details earlier on Wednesday.
PayPay was likely to price the IPO around the low end of the range, âReuters reported on Tuesday. It originally wanted to sell the shares at a target range of $17 to $20 âapiece.
The IPO comes as the US-Israeli war with Iran rattles global markets. The company delayed the launch of the roadshow this week before resuming it a day later as âit reassessed market conditions, Reuters reported.
The US IPO market â is set to ârebound sharply this year after a bout of volatility. Goldman Sachs âhas forecast âproceeds could quadruple to a record $160 billion in 2026, driven by â a pipeline of large private companies, including SpaceX, OpenAI and Anthropic preparing âpotential debuts.
PayPay would mark the first US listing of a âSoftBank majority investment since the blockbuster IPO of Arm Holdings in 2023. SoftBank took the chip designer public at a valuation of $54.5 billion. Its market capitalization has since risen to more than $127 billion.
Founded in 2018 as a joint venture between SoftBank and Yahoo Japan, PayPay entered the market by waiving transaction fees for small and medium-sized merchants for up âto three years to spur adoption. The company has since become one of Japan's most widely used digital wallets, with about 72 million registered users âat the âend of 2025.
Visa, the â Abu Dhabi Investment Authority and a subsidiary of the Qatar Investment Authority are anchoring the IPO by purchasing up to $220 million of PayPay's shares upon debut.
PayPay has also played a ârole in Japan's push toward cashless payments, offering rebates and other incentives to encourage consumers to use its mobile app.
The company plans to list on the Nasdaq under the symbol "PAYP."
Goldman Sachs, J P Morgan, Mizuho and Morgan Stanley are joint book-running managers for the offering.
Meridiano
