SoftBank Taps Goldman Sachs, JPMorgan for Potential $2 Billion PayPay US IPO Filing, Targeting Q4 2025

SoftBank Corp. has initiated preparations for a potential initial public offering (IPO) of its Japanese payments app operator, PayPay, in the United States. The company has selected several major investment banks, including Goldman Sachs, JPMorgan, Mizuho, and Morgan Stanley, to lead the offering. PayPay has confidentially submitted a draft registration statement to the U.S. Securities and Exchange Commission, signaling its intent to list on an unspecified U.S. exchange. While the timing, size, and pricing of the IPO have yet to be determined, sources indicate the offering could raise over $2 billion and potentially take place as soon as the fourth quarter of 2025. Despite the public listing, PayPay will remain a consolidated subsidiary of SoftBank. This move follows strong first-quarter results for PayPay and coincides with SoftBank's shares reaching a 52-week high, driven by its investments in artificial intelligence and strategic business initiatives.