PayPay Files Confidentially for U.S. Listing with Softbank Ties

PayPay, a subsidiary of LY Corp, has filed confidentially for a US listing. LY Corp operates primarily in the Softbank business, with three main segments: Media Business, Commerce Business, and Strategic Business. The company provides a range of services, including e-commerce, fintech, and cloud-related services, through platforms such as LINE, Yahoo, and PayPay.

PayPay Corporation, a subsidiary of LY Corp, has confidentially submitted a draft registration statement on Form F-1 to the U.S. Securities and Exchange Commission (SEC) for a proposed public listing of American depositary shares (ADSs) on a U.S. stock exchange. This move comes after PayPay, a fintech and mobile payments company, announced its intention to seek a public listing in the U.S. market [1].

The exact details of the listing, including the schedule, size, and price, are yet to be determined. The feasibility of the IPO is subject to market conditions and the completion of the SEC’s review process. SoftBank Group Corp. (SBG), which owns PayPay, intends for the company to remain a subsidiary post-listing, with no expected material impact on SBG’s consolidated results or financial position [1].

SoftBank has selected Goldman Sachs, JP Morgan Chase, Mizuho Financial Group, and Morgan Stanley to help organize the potential IPO. The IPO could raise over USD 2 billion and may occur in the last quarter of 2025, contingent on market conditions. This initiative would be SoftBank’s first US listing of a majority investment since Arm Holdings’ IPO in 2023 [2].

PayPay, majority-owned by several SoftBank entities, including its wireless carrier, Vision Fund, and LY Corp, focuses on providing mobile payments and financial services such as banking and credit cards in Japan. The company aims to meet evolving client needs while adhering to regulatory requirements [3].

References:
[1] https://group.softbank/en/news/press/20250815
[2] https://www.marketscreener.com/news/ly-corp-paypay-announces-confidential-submission-of-draft-registration-statement-on-form-f-1-for-p-ce7c51dedb8af422
[3] https://thepaypers.com/fintech/news/softbank-picks-banks-for-us-ipo-of-payments-app-paypay