Group 1 - PayPay, Japan's leading mobile payment app, has postponed its U.S. IPO due to market volatility and recent conflicts in the Middle East [1] - The company aimed for a valuation of at least ¥1.5 trillion ($10 billion) and was planning to release its IPO price range on March 2 [1] - PayPay was founded in 2018 as a joint venture between SoftBank and Yahoo Japan, with technical collaboration from India's Paytm [2] Group 2 - The tech IPO market in 2026 began with high expectations, but several companies have delayed or withdrawn their listings due to a sell-off in software stocks [3] - Concerns about AI potentially rendering traditional software obsolete have contributed to market instability [3] - Public investors are still anticipating three potential "mega-IPOs" in 2026: SpaceX, OpenAI, and Anthropic, despite the current standstill in smaller listings [4]

Group 1 - PayPay and a selling shareholder aim to raise approximately $1.1 billion in an initial public offering (IPO) in the United States [1] - The company plans to sell nearly 55 million American depositary shares priced between $17 and $20 each [1] - PayPay's IPO roadshow was postponed due to market volatility caused by geopolitical events, specifically an attack on Iran [1] Group 2 - The U.S. IPO market has experienced volatility this year, leading several companies to delay their listing plans [1] - Analysts suggest that a strong debut from PayPay could enhance market sentiment [1] - Major financial institutions involved in the offering include Goldman Sachs, J.P. Morgan, Mizuho, and Morgan Stanley [1] Group 3 - PayPay intends to list on the Nasdaq under the ticker symbol "PAYP" [1]

Table of Contents As filed with the U.S. Securities and Exchange Commission on March 2, 2026. Registration No. 333-293410 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 1 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 PayPay Corporation (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) (State or other jurisdiction of incorporation or organization) Japan 7389 Not Applicable (Primary ...

Core Insights - SoftBank's PayPay has postponed its IPO roadshow originally set to begin on Monday due to market instability caused by recent geopolitical events, specifically an attack on Iran [1] Company Summary - The IPO roadshow for PayPay was highly anticipated, indicating strong market interest prior to the delay [1] - The decision to delay the roadshow reflects the company's sensitivity to market conditions and external events that could impact investor sentiment [1] Industry Summary - The postponement of PayPay's IPO highlights the broader impact of geopolitical tensions on financial markets, which can lead to increased volatility and uncertainty for upcoming public offerings [1]

Core Viewpoint - PayPay, a Japanese digital payments provider, is preparing for an IPO in the U.S. with a target valuation of up to $14 billion, potentially marking the largest listing for a Japanese company on a U.S. stock exchange [2][7]. Group 1: IPO Details - A consortium of global investors, including Qatar Holdings, Visa, and Abu Dhabi Investment Authority, is set to invest over $200 million as cornerstone investors in PayPay's IPO [1]. - The IPO is planned for the Nasdaq next month, having been delayed from its initial December timeline due to a prolonged U.S. government shutdown affecting regulatory processes [3]. - PayPay aims to attract cornerstone investors to enhance the IPO's appeal [3]. Group 2: Financial Context - The IPO is crucial for SoftBank Group, which is heavily investing in artificial intelligence, having committed $30 billion to OpenAI and sold significant assets, including a $5.8 billion stake in Nvidia and $4.8 billion in T-Mobile U.S. shares [4]. - The PayPay listing could provide a timely cash boost for SoftBank, marking its first U.S. listing for a SoftBank-majority business since Arm Holdings [4]. Group 3: Company Background - PayPay was established in 2018 through a joint venture between SoftBank and Yahoo Japan, significantly contributing to Japan's digital transformation by promoting cashless payments [6]. - As of December 31, PayPay has approximately 72 million registered users, making it one of Japan's most widely used payment platforms [6][7]. - Recently, PayPay announced a partnership with Visa to facilitate its expansion into the U.S. market [5].

Core Viewpoint - PayPay, SoftBank's digital payments unit, has filed for a US IPO, potentially becoming the largest listing by a Japanese company on a US exchange, with a valuation target above US$10 billion, and possibly as high as US$20 billion [1][4]. Financial Performance - For the nine months ending December, PayPay reported a profit of ¥103.3 billion on revenue of ¥278.5 billion, a significant increase from the previous year's profit of ¥28.96 billion on revenue of ¥220.4 billion [2]. User Growth and Market Position - PayPay has grown rapidly since its launch in 2018, now boasting over 72 million users in Japan, and has overtaken Rakuten Group's Rakuten Pay [2][3]. - QR-code payments accounted for 9.6% of Japan's cashless transactions in 2024, a substantial increase from 0.2% in 2018, while credit cards' market share is declining [3]. Business Strategy and Expansion - The company has relied on aggressive marketing, subsidies, and merchant acquisition supported by SoftBank [3]. - PayPay has expanded internationally, enabling payments at over two million merchants in South Korea ahead of its IPO [4]. IPO Details - PayPay plans to list on the Nasdaq Global Select Market under the ticker PAYP, with Goldman Sachs, JPMorgan Chase & Co, Mizuho Financial Group, and Morgan Stanley leading the offering [5].

Core Viewpoint - SoftBank Group's payments unit PayPay is moving forward with its initial public offering (IPO) in the US, which could potentially be the largest IPO by a Japanese company on a US exchange [1][2]. Financial Performance - For the nine months ending December 31, PayPay reported a profit of Y103.3 billion ($676 million) on revenue of Y278.5 billion, a significant increase from the previous year's profit of Y28.96 billion on revenue of Y220.4 billion [1][2]. Valuation and Market Position - SoftBank is targeting a valuation of $10 billion or more for PayPay, with earlier reports suggesting that the valuation could exceed Y3 trillion [2]. - PayPay is known for its QR-code payments application in Japan and has expanded its services to include credit, banking, securities, and insurance [3]. IPO Details - The number of shares to be offered and the expected price range for the IPO have not yet been disclosed [2]. - PayPay plans to list on the Nasdaq Global Select Market under the ticker symbol PAYP, with Goldman Sachs, JPMorgan Chase, Mizuho Financial Group, and Morgan Stanley serving as lead banks for the offering [4]. Corporate Structure - After the IPO, PayPay is expected to remain a subsidiary of SoftBank, which does not anticipate a material impact on its consolidated earnings from the listing [4].

Table of Contents As filed with the U.S. Securities and Exchange Commission on February 12, 2026. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 PayPay Corporation (Exact name of Registrant as specified in its charter) Not Applicable (Translation of Registrant's name into English) Japan 7389 Not Applicable (Primary Standard Industrial (I.R.S. Employer Identification No.) (State or other jurisdicti ...