SoftBank Group Corp is preparing to list its Japanese payments app operator, PayPay, on a United States exchange, in a move expected to raise over \$2 billion. Sources familiar with the plan disclosed that Goldman Sachs, JPMorgan Chase, Mizuho Financial Group, and Morgan Stanley have been selected to lead the offering.
The public listing could happen as early as the final quarter of this year, though market conditions will determine the final timing and size. All parties involved have so far declined to comment on the development.
PayPay, launched to wean Japanese consumers off cash, gained traction by offering rebates on mobile payments. It has since expanded into banking and credit card services. The app is jointly owned by SoftBank Corp, Vision Fund, and LY Corp, a SoftBank-Naver joint venture.
If successful, this will mark SoftBank’s first major U.S. IPO since the \$54.5 billion listing of Arm Holdings in 2023, whose valuation has since soared to over \$145 billion.
The listing comes as the U.S. IPO market rebounds, buoyed by strong tech earnings and progress in trade talks. This contrasts with earlier market hesitation linked to tariff uncertainties under former President Donald Trump.
SoftBank’s renewed push underscores its strategy of unlocking value from portfolio companies amid favourable market sentiment.