Overview
- PayPay publicly filed an F-1 with the SEC for a Nasdaq Global Select Market listing under the ticker PAYP.
- Alongside the filing, the company announced a partnership with Visa to pursue U.S. market entry as the first step in a broader global strategy.
- The prospectus reports 72 million registered users in Japan with 40 million transacting monthly as of Dec. 31, 2025, representing about 75% penetration of local smartphone users.
- Financials disclosed show profit of ¥103.3 billion on revenue of ¥278.5 billion for the nine months ended Dec. 31, up from ¥28.96 billion profit on ¥220.4 billion revenue a year earlier.
- Share count and pricing are not yet set, and Renaissance Capital estimates the IPO could raise up to $2 billion as analysts caution about PayPay’s lack of U.S. operations and a selective IPO window.