SoftBank Group is preparing to list its payments unit PayPay in the United States as early as December, with investors expecting a valuation of more than 3 trillion yen ($20 billion), Reuters reported Monday, citing two people familiar with the matter.
SoftBank has been holding discussions with institutional investors since mid-September, with many viewing 2 trillion yen as a baseline valuation, while some expect the figure could top 3 trillion yen depending on market conditions and PayPay’s growth prospects.
PayPay dominates Japan’s QR code payment market and has helped accelerate the country’s shift toward cashless transactions, which surpassed 40% of all payments last year. The company is also expanding overseas, starting with enabling payments in South Korea, and recently acquired a 40% stake in Binance’s Japan unit to grow its crypto offerings.
The planned listing comes as the U.S. IPO market shows renewed activity, raising $24 billion in the third quarter, its busiest period since late 2021. SoftBank has already appointed investment banks for the potential offering, Reuters reported earlier.