PayPay plans Nasdaq IPO to raise up to $1.1 billion, valuation may exceed $10 billion

Techub News reported, according to CoinDesk, that PayPay, Japan's largest cashless payment provider backed by SoftBank, is seeking a listing on Nasdaq. It plans to issue 55 million American Depositary Shares at a price range of $17–$20 per share, aiming to raise up to $1.1 billion, with the company's valuation expected to exceed $10 billion (stock ticker PAYP). The offering was originally scheduled to launch on Monday but was postponed due to global market turmoil triggered by the Middle East conflict over the weekend. PayPay currently has over 70 million registered users and holds a dominant position in Japan's smartphone payment market. In October last year, PayPay acquired a 40% stake in Binance Japan and established a capital and business alliance with Binance Japan, supporting users to purchase crypto assets and withdraw earnings through PayPay Money funds.