PayPay Files for $1.1 Billion US IPO

PayPay, Japan's leading mobile payments provider, filed on Monday to raise up to $1.1 billion through a U.S. initial public offering, marking what could become the largest listing by a Japanese company on an American stock exchange. The Tokyo-based firm, backed by SoftBank, plans to offer 31.1 million American depositary shares, while an affiliate of SoftBank Vision Fund II will sell 23.9 million shares, for a total of nearly 55 million shares priced between $17 and $20 each. The shares are set to begin trading on the Nasdaq under the ticker symbol PAYP, with pricing expected on March 11.

The IPO process faced an initial setback, as PayPay postponed the launch of its formal roadshow earlier this week amid heightened market volatility triggered by the recent U.S. attack on Iran and escalating tensions in the Middle East. Officials familiar with the matter noted that global markets were rattled by the weekend developments, contributing to a spike in investor anxiety. The Cboe volatility index, a key Wall Street gauge, hit a three-month high on Monday.

PayPay, founded in 2018 as a joint venture between SoftBank and Yahoo Japan with technical support from India's Paytm, has grown...