SoftBank Advances PayPay US IPO Preparations with Multiple Banking Partners

SoftBank Group is moving forward with plans for a potential US initial public offering of its Japanese mobile payments operator, PayPay, by engaging several major investment banks to coordinate the transaction, according to people familiar with the matter.

Goldman Sachs, JPMorgan Chase, Mizuho Financial Group, and Morgan Stanley are involved in preparing the listing. The IPO could be launched as early as the final quarter of 2025 and is expected to target a capital raise exceeding $2 billion, although the final size and timing remain dependent on market conditions.

PayPay, established under multiple SoftBank-controlled entities, is jointly owned by SoftBank Corp, the Vision Fund, and LY Corp, the latter being a joint venture between SoftBank and Naver Corp. The company operates a mobile payments platform in Japan and has expanded into financial products such as banking and credit cards.

This prospective offering follows SoftBank’s previous US listing of Arm Holdings in 2023, which marked the last time the group brought a majority-owned investment to the American market. Market interest in IPOs has recently increased, providing a potential window for SoftBank to proceed with the transaction.

If approved, the PayPay listing would represent a significant cross-border capital markets transaction involving a Japanese fintech company backed by a diversified investment structure under SoftBank’s control.