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].
SoftBank-backed PayPay takes next step towards US IPO