SoftBank reportedly selects investment bank for US IPO of payment app 'PayPay'

by Masaki Tokutomi

Reuters reports that SoftBank has selected an investment bank to support the initial public offering (IPO) of the company that operates the payment app PayPay in the United States.

Exclusive: SoftBank selects banks for US IPO of payments app PayPay, sources say | Reuters
https://www.reuters.com/business/finance/softbank-selects-banks-us-ipo-payments-app-paypay-sources-say-2025-08-11/

SoftBank Plans Biggest US IPO Since Arm Went Public: Taps Top Wall Street Banks For A Potential $2 Billion Offering - ARM Holdings (NASDAQ:ARM), Goldman Sachs Group (NYSE:GS) - Benzinga
https://www.benzinga.com/markets/ipos/25/08/47022735/softbank-plans-biggest-us-ipo-since-arm-went-public-taps-top-wall-street-banks-for-a-potential-2-billion-offering

PayPay, a popular contactless payment method using QR codes, is a joint venture and consolidated subsidiary of SoftBank and South Korea's Naver . The service was originally launched by Indian fintech company Paytm, which sold its shares to SoftBank in 2024.

Indian payment company Paytm sells PayPay stake to SoftBank - GIGAZINE

It has been reported that PayPay is considering listing in the US around 2023.

Goldman Sachs, JPMorgan Chase, Mizuho Financial Group and Morgan Stanley are leading the IPO preparations, according to two people familiar with the matter. PayPay's IPO could take place as early as the fourth quarter of 2025 and could raise more than $2 billion from investors, the people said.

SoftBank listed Arm Holdings in 2023 at a valuation of $54.5 billion (approximately ¥8.8 trillion), and its market capitalization has since exceeded $145 billion (approximately ¥21.5 trillion) at the time of writing. If PayPay's US IPO goes through, it will be the first time since Arm Holdings that a company majority-owned by SoftBank has listed on the US market.