PayPay, a SoftBank Corp-backed payments company that owns a 40% stake in Binance Japan, is seeking to raise as much as $1.1 billion in a U.S. initial public offering, Reuters reported Monday.
The Tokyo-based company and a selling shareholder plan to offer 55 million American depositary shares priced between $17 and $20 each, according to the report. At the top end of that range, the offering would value PayPay at more than $10 billion.
PayPay is Japan’s largest cashless payments provider, with more than 70 million registered users. The company’s app allows consumers to make mobile payments at stores, transfer money and manage digital balances, as Japan steadily shifts away from cash.
The shares are expected to trade on the Nasdaq under the symbol “PAYP.” The listing was initially slated to launch before markets opened on Monday but was postponed after global markets were rattled by this weekend’s attack on Iran, Reuters reported earlier.
The IPO comes as fintech firms test investor appetite for new listings amid volatile equity markets and rising geopolitical risk. A successful debut would mark one of the larger Japanese listings in the U.S. in recent years and provide SoftBank with another publicly traded asset tied to its broader digital finance strategy.
PayPay moved deeper into crypto through a capital and business alliance with Binance Japan in October. The partnership aimed to link digital payments with crypto, letting Binance Japan users fund purchases and withdraw proceeds through PayPay Money. A representative for Binance did not respond to a request for comment in time for publication.