PayPay Corporation completed its initial public offering in the United States and listing on the Nasdaq Global Select Market, raising $880 million. PayPay granted the underwriters a 30-day option to purchase additional shares at the public offering price.
S&C advised SoftBank Corp., a publicly listed subsidiary of SoftBank Group and a major shareholder of PayPay, on the offering. SoftBank Corp. is a leading telecommunications and technology company in Japan.
PayPay is one of Japan’s leading cashless payment and fintech platforms, providing mobile payment, financial services and related digital solutions to consumers and merchants across Japan. Since its launch in 2018, PayPay has become a key participant in Japan’s digital payments ecosystem with tens of millions of active users.
The S&C team advising SoftBank Corp. on the transaction included Keiji Hatano, Nirav Mehta and Sebastian Miao.