PayPay's $880M U.S. IPO marks Japan's biggest Nasdaq debut

Japanese fintech firm PayPay has completed its U.S. initial public offering (IPO), raising nearly $880 million. The company's shares will begin trading on the Nasdaq on March 12 under the ticker PAYP, marking the largest U.S. listing by a Japanese company to date. Founded in 2018, PayPay has grown rapidly, now serving over 72 million users across Japan.

PayPay and its backer, SoftBank Vision Fund II, sold 55 million American depositary receipts (ADRs) at $16 per share. This price fell below the initial target range of $17 to $20, but still valued the company at approximately $10.7 billion. Goldman Sachs Group, JPMorgan Chase, Mizuho, and Morgan Stanley managed the offering as underwriters.

The IPO follows a strong financial performance in 2025. For the nine months ending in December, PayPay reported a profit of 103.3 billion yen ($656 million) on revenue of 278.5 billion yen ($1.77 billion). Earlier in the year, the company also announced a partnership with Visa, further expanding its payment services. Originally a joint venture with India's Paytm, PayPay has become one of Japan's leading digital payment platforms. Its user base has surged since launch, reaching 72 million by the end of 2025.

PayPay's shares will debut on March 12, making it the largest U.S. listing for a Japanese firm. The company's IPO proceeds will support further expansion in a competitive digital payments market. With a valuation of $10.7 billion, PayPay now stands as a major player in Japan's fintech sector.