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Investing.com-- SoftBank Group (TYO:9984) has picked a group of top global investment banks to prepare a U.S. initial public offering for its Japanese payments app PayPay that could raise more than $2 billion, Reuters reported on Monday, citing people familiar with the matter.
Goldman Sachs (NYSE:GS), JPMorgan Chase (NYSE:JPM), Mizuho (NYSE:MFG) Financial Group (TYO:8411) and Morgan Stanley (NYSE:MS) are leading work on the listing, which could take place as soon as the fourth quarter, the report said.
Timing and deal size remain subject to market conditions, the Reuters report stated.
PayPay, which helped shift Japanese consumers away from cash by offering payment rebates, has expanded into banking and credit cards. A successful listing would mark SoftBank’s first U.S. IPO of a majority-owned company since Arm Holdings’ (NASDAQ:ARM) 2023 debut.
U.S. IPO activity has rebounded this year on strong tech earnings and improved investor sentiment, reversing a slowdown earlier in 2025 tied to uncertainty over U.S. trade policy, the report added.