SoftBank's PayPay Sets IPO Price at $16, Below Expected Range: Sources

• The IPO raised $880 million through 55 million American depositary receipts at $16 per share, below the originally targeted price range amid challenging market conditions
• PayPay has approximately 72 million registered users in Japan and attracted anchor investors including Visa, Abu Dhabi Investment Authority, and Qatar Investment Authority purchasing up to $220 million in shares
• The company briefly paused its IPO earlier in the week to reassess market conditions before resuming, and will list on Nasdaq under the symbol 'PAYP'

Summary

SoftBank-backed PayPay priced its U.S. IPO at $16 per American Depositary Receipt, below the expected range, amid volatile market conditions driven by the U.S.-Israeli war on Iran.

Key Details:

• Capital Raised: $880 million from 55 million ADRs sold
• Valuation: $10.7 billion
• Stock Symbol: PAYP (Nasdaq listing)
• Anchor Investors: Visa, Abu Dhabi Investment Authority, and Qatar Investment Authority subsidiary purchasing up to $220 million

Company Background:

PayPay, founded in 2018 as a joint venture between SoftBank and Yahoo Japan, has become one of Japan's leading digital wallet providers with approximately 72 million registered users as of end-2025. The company initially gained market share by waiving transaction fees for small and medium-sized merchants for up to three years and has been instrumental in Japan's cashless payment adoption.

Market Context:

The IPO was briefly paused earlier this week as the company reassessed market conditions amid geopolitical tensions. Despite recent volatility, the U.S. IPO market is projected to rebound significantly in 2026, with Goldman Sachs forecasting proceeds could quadruple, supported by anticipated debuts from major private companies like SpaceX, OpenAI, and Anthropic.

This marks SoftBank's first U.S. listing of a majority investment since Arm Holdings' blockbuster IPO in 2023.

Underwriters: Goldman Sachs, J.P. Morgan, Mizuho, and Morgan Stanley serve as joint book-running managers.