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Investing.com -- SoftBank (TYO:9984) said Friday that its payments app unit, PayPay Corp, has filed to list American depositary shares (ADRs) in the United States.
Details on the timing, size and pricing of the planned offering have not yet been finalized, the company said.
According to a Reuters report earlier this week, SoftBank has tapped Goldman Sachs, JPMorgan Chase, Mizuho Financial Group and Morgan Stanley to prepare for a potential U.S. initial public offering (IPO).
The listing could raise more than $2 billion and may take place as early as the fourth quarter, the report said.
SoftBank will retain control of PayPay after the flotation. The conglomerate had been weighing a U.S. debut for the business since at least 2023, Reuters has previously reported.
PayPay has been a driving force in shifting Japanese consumers toward digital transactions, luring users with rebates and expanding into services such as banking and credit cards.
If completed, the IPO would mark SoftBank’s first U.S. listing of a majority-owned company since chip designer Arm Holdings went public in 2023 at a $54.5 billion valuation. Arm’s market capitalization has since climbed to more than $145 billion.
U.S. IPO activity is picking up in a long-anticipated recovery, fueled by robust tech earnings and optimism over progress in trade talks, which have bolstered investor sentiment.
The recent string of successful market debuts contrasts with the slower pace earlier this year, when concerns about President Donald Trump’s tariff policies put a damper on new offerings.
PayPay is jointly owned by several SoftBank units, including its mobile carrier SoftBank Corp, the Vision Fund, and LY Corp, an internet venture between SoftBank and Naver Corp.