PayPay Corp has formally filed for an initial public offering in the United States, according to a registration document lodged with the U.S. Securities and Exchange Commission. The company plans to list American Depositary Shares on the Nasdaq Global Select Market under the symbol "PAYP."
Created in 2018 as a joint venture between SoftBank Group and Yahoo Japan through Z Holdings, PayPay has expanded its footprint to become the leading cashless payment service in Japan. The filing reports roughly 72 million registered users as of December 31, 2025, which the company states represents 75% penetration among Japan’s 96 million smartphone users.
Ownership ahead of the proposed offering is concentrated among a few large stakeholders. The filing shows that SVF II Piranha (DE) LLC holds 34% of common stock prior to the offering, B Holdings Corp controls 49.99%, and SoftBank Corp owns 8.01%.
Operational and financial figures provided in the filing include total revenue of ¥99.85 billion and earnings per share of ¥28.9 for the three months ended December 31. For the fiscal year ended March 31, 2025, PayPay processed ¥15.39 trillion in Payment Segment gross merchandise volume (GMV). The company said it has sustained annual GMV growth in excess of 20% since the fiscal year ended March 31, 2019.
On the question of shareholder returns, PayPay indicates in its filing that it currently intends to retain any future earnings and may not pay dividends for the foreseeable future.
Several global and regional banks have been appointed to lead and manage the deal. Goldman Sachs, J.P. Morgan, Mizuho, and Morgan Stanley are named as lead underwriters. A roster of additional underwriters listed in the filing includes Citigroup, Jefferies, BofA Securities, Societe Generale, Wolfe | Nomura Alliance, Cantor, Credit Agricole CIB, Daiwa Capital Markets, Natixis, Deutsche Bank Securities, SMBC Nikko, Barclays, ING, IMI - Intesa Sanpaolo, MUFG, and Santander.
The filing furnishes investors and market participants with ownership, recent financials, transaction volume, and the underwriting syndicate, while also flagging the company’s current stance on earnings distribution. Beyond those disclosures, the filing serves as the formal step toward launching a U.S. listing of the company’s American Depositary Shares under the proposed symbol PAYP.