SoftBank’s PayPay moves closer to public markets with US IPO filing

PayPay publicly filed its paperwork for a U.S. initial public offering on Thursday, as the SoftBank-backed Japanese payments app moves ahead with its highly anticipated stock market flotation after a U.S. government shutdown-driven delay.

The move sets the stage for the ‌first U.S. ⁠listing of ⁠a SoftBank-majority investment since the blockbuster IPO of chip designer Arm Holdings in 2023.

PayPay’s stock market flotation was initially expected in December, but the longest-ever U.S. government shutdown delayed the regulatory review and pushed back the planned listing.