The company and a SoftBank-controlled investment fund sold around 55 million American Depositary Shares at $16 each, below the marketed price range of $17 to $20. The offering values PayPay at approximately $10.7 billion, News.Az reports, citing Reuters.
Despite global market volatility linked to tensions in the Middle East, PayPay proceeded with the listing at a time when the U.S. IPO market has faced uncertainty and fluctuating investor sentiment.
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Founded in 2018 as a joint venture between SoftBank Group and Yahoo Japan, PayPay rapidly gained popularity by waiving transaction fees for small and medium-sized merchants to accelerate adoption.
The Tokyo-based fintech platform now has around 72 million registered users and has processed over $100 billion in gross merchandise volume since its launch.
Industry analysts say PayPay stands out among fintech IPOs because it has already secured a dominant position in its domestic market.
While initially focused on mobile payments, PayPay has expanded its services into credit, banking, securities, and insurance, positioning itself as a comprehensive digital finance platform.
The company recently announced a partnership with Visa as part of plans to expand its services internationally, including potential growth in the United States.
PayPay’s debut marks the first U.S. listing of a SoftBank majority investment since the 2023 IPO of Arm.
