Core Insights - PayPay's IPO debut on March 12, 2026, was marked by a strong opening price increase of 19%, reflecting robust investor demand and signaling a potential thaw in the IPO market after a prolonged period of inactivity [3][4][11] - The company is backed by SoftBank Group, providing strategic stability and access to resources, which is attractive to institutional investors [2] - PayPay commands approximately two-thirds of Japan's QR code-based payment market, with over 72 million registered users, positioning it as a leader in the digital payments landscape [6][7] Company Performance - For the nine months ending December 2025, PayPay reported a profit of 103.3 billion yen (approximately $650 million), showcasing its ability to generate profits and differentiate itself from other high-growth tech companies [7] - The company's strategy includes evolving into a financial super app, aiming to create a comprehensive digital ecosystem for users, which enhances customer lifetime value and establishes high barriers to entry for competitors [9][10] Market Impact - PayPay's successful IPO is seen as a pivotal event that could encourage other private technology companies to enter public markets, potentially leading to a resurgence in IPO activity [5][11][12] - The positive reception of PayPay's listing may serve as a blueprint for other private unicorns, instilling confidence in venture backers and signaling a willingness among public market investors to embrace new, high-growth companies [12] Future Outlook - Investors are closely watching the upcoming expiration of the post-IPO quiet period in mid-April 2026, which will allow underwriters to publish research reports and price targets, potentially acting as a catalyst for PayPay's stock price [14]

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 ...

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 ...