PANews reported on March 3 that, according to CoinDesk, PayPay, Japan's largest cashless payment provider backed by SoftBank, is seeking to raise up to $1.1 billion in its Nasdaq IPO, potentially valuing the company at over $10 billion. PayPay plans to issue 55 million American Depositary Shares (ADSs) at a price of $17 to $20 per share, with the ticker symbol "PAYP". The offering was originally scheduled to begin on Monday but was postponed due to global market turmoil triggered by the Middle East conflict over the weekend.
PayPay currently boasts over 70 million registered users, dominating the Japanese smartphone payment market. Last October, PayPay acquired a 40% stake in Binance Japan and formed a capital and business alliance with Binance Japan, aiming to connect digital payments with cryptocurrency, allowing Binance Japan users to fund purchases and withdraw earnings through PayPay Money. PayPay was founded in 2018 as a joint venture between SoftBank's telecommunications subsidiary and Yahoo Japan.
