PayPay (PAYP) Registration Filing summary

Offering details and pricing

• 54,987,214 ADSs offered, each representing one common share; initial price range $17.00–$20.00 per ADS.

• 31,054,254 ADSs offered by the company, 23,932,960 by a selling shareholder; company grants underwriters a 30-day option for 8,248,081 additional ADSs.

• ADSs to be listed on Nasdaq under the symbol "PAYP"; no prior public market for shares.

• After the offering, 668,625,454 common shares will be outstanding; SoftBank Group entities will control 91.78% of voting power.

• Cornerstone investors have indicated interest in up to $220 million of ADSs at IPO price.

Underwriters and syndicate

• Lead underwriters: Goldman Sachs, J.P. Morgan, Mizuho, Morgan Stanley; additional syndicate includes Citigroup, Jefferies, BofA, Societe Generale, Wolfe | Nomura Alliance, Cantor, Credit Agricole, Daiwa, Deutsche Bank, Natixis, SMBC Nikko, ING, Barclays, Intesa Sanpaolo, Santander.

Company overview and business model

• Operates a leading digital finance platform in Japan, integrating payments, banking, credit, and investment services for consumers and merchants.

• Core business began with code-based mobile payments, now expanded to include credit cards, banking, and securities brokerage.

• As of December 31, 2025: 72 million registered users (75% of Japanese smartphone users), 40 million monthly transacting users, 9.7 million bank accounts, 1.54 million brokerage accounts.

• Platform supports a two-sided network, driving network effects between users and merchants; offers value-added services such as coupons, loyalty programs, and merchant financing.