PayPay US IPO Expected to Price Near Low End of Range

The planned U.S. initial public offering of SoftBank-backed digital payments platform PayPay is expected to price near the lower end of its marketed range, according to sources familiar with the matter. The cautious pricing reflects heightened geopolitical tensions and volatility in global financial markets, which have tempered investor appetite for new listings.

PayPay plans to offer about 55 million American Depositary Shares (ADS) for listing on the Nasdaq Global Select Market. The company has marketed the shares in a price range of $17 to $20 each. Pricing at the top end would imply a market valuation of roughly $13.4 billion for the Japanese fintech firm.

However, market turbulence linked to rising tensions in the Middle East has made investors more cautious, increasing the likelihood that the deal will be priced closer to the bottom of the range. Sources indicated that the bookbuilding process has closed and that the final pricing decision is expected after the U.S. market closes.

Launched in 2018, PayPay has rapidly grown into one of Japan’s largest mobile payments platforms. The company reported about 72 million registered users by the end of 2025, representing roughly three quarters of Japan’s smartphone users. Following the IPO, SoftBank is expected to retain a controlling stake in the company.