PayPay (NASDAQ: PAYP) completes $603M ADS IPO with underwriters’ option

Rhea-AI Filing Summary

PayPay Corporation has completed its initial public offering of American depositary shares. The company sold 54,987,214 ADSs at $16 per ADS, and underwriters fully exercised their option to buy an additional 8,248,081 ADSs, bringing the IPO total to 63,235,295 ADSs. This included 23,932,960 ADSs sold by a SoftBank-controlled selling shareholder. PayPay reports net IPO proceeds of JPY 94.6 billion ($603 million). The ADSs began trading on the Nasdaq Global Select Market under the symbol “PAYP”, and 8,653,079 ADSs were also offered in a public offering in Japan as part of the IPO.

Positive

• Substantial capital raise: PayPay reports net IPO proceeds of JPY 94.6 billion ($603 million), significantly strengthening its balance sheet and funding capacity.
• Nasdaq listing achieved: ADSs began trading on the Nasdaq Global Select Market under the symbol “PAYP,” potentially broadening access to global investors.

Negative

• None.

Insights

Equity Capital Markets Analyst

PayPay’s IPO raises $603M, establishes Nasdaq listing, and includes a major selling shareholder component.

PayPay Corporation has closed its IPO of 63,235,295 ADSs at $16 per ADS, including full exercise of the underwriters’ option. The deal generated net proceeds of JPY 94.6 billion ($603 million), providing substantial new capital for the company.

The transaction also included 23,932,960 ADSs sold by SVF II Piranha (DE) LLC, an entity ultimately controlled by SoftBank Group Corp, meaning a significant portion of shares came from an existing shareholder. ADSs are now listed on the Nasdaq Global Select Market under the symbol PAYP.

In addition to the U.S. offering, 8,653,079 ADSs were sold in a Public Offering in Japan, as part of the same overall IPO size. Future company filings may clarify how the new capital is deployed and how the broader shareholder base evolves after the SoftBank-related sale.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

Commission File Number 001-43184

PayPay Corporation

(Translation of registrant’s name into English)

Yotsuya Tower, 1-6-1 Yotsuya

Shinjuku-ku

Tokyo 160-0004

Japan

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒   Form 40-F ☐

Exhibit Index

Exhibit 99.1 —  PayPay Announces Closing of Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional American Depositary Shares

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 30, 2026
PAYPAY CORPORATION
By:		/s/ Wataru Kagechika
Name:		Wataru Kagechika
Title:		Managing Corporate Officer and CFO

Exhibit 99.1

March 30, 2026

PayPay Corporation

PayPay Announces Closing of Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional American Depositary Shares

PayPay Corporation (“PayPay”) today announces that, on March 13, 2026 (U.S. time), it has closed its initial public offering of 54,987,214 American depositary shares (“ADSs”) representing its common shares at a price to the public of $16 per ADS. In addition, on March 27, 2026 (U.S. time), the underwriters’ option to purchase up to an additional 8,248,081 ADSs was fully exercised at a price to the public of $16 per ADS. The initial public offering, together with the full exercise of the underwriters’ option, constitutes the “IPO”.

A total of 63,235,295 ADSs were offered in the IPO, including 23,932,960 ADSs by the selling shareholder, SVF II Piranha (DE) LLC, an investment fund ultimately controlled by SoftBank Group Corp. Net proceeds from the IPO were JPY 94.6 billion ($603 million), after deducting underwriting discounts and commissions and the estimated offering expenses payable by PayPay.

The ADSs began trading on the Nasdaq Global Select Market on March 12, 2026 (U.S. time) under the symbol “PAYP.”

Goldman Sachs & Co. LLC, J.P. Morgan, Mizuho Securities USA LLC and Morgan Stanley & Co. LLC (in alphabetical order) acted as joint book-running managers for the IPO.

The IPO was made only by means of a prospectus. Copies of the prospectus relating to the IPO may be obtained by visiting EDGAR on the U.S. Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov. Alternatively, copies of the prospectus may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at 866-471-2526 or by email at prospectus-ny@ny.email.gs.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; Mizuho Securities USA LLC, Attention: U.S. ECM Desk, 1271 Avenue of the Americas, New York, NY 10020, by telephone at 212-205-7602 or by email at US-ECM@mizuhogroup.com or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, NY 10014, by telephone at 866-718-1649 or by email at prospectus@morganstanley.com.

In addition, as part of the IPO, PayPay conducted a public offering of the ADSs in Japan (the “Public Offering in Japan”). 8,653,079 ADSs were offered in the Public Offering in Japan at $16 per ADS, as part of the 63,235,295 ADSs described above.

Note: A registration statement on Form F-1 relating to these securities was filed with the SEC and was declared effective on March 11, 2026 (U.S. time). This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of the ADSs will be made in accordance with the registration requirements of the Securities Act of 1933, as amended, and other applicable securities laws. In addition, a securities registration statement relating to the Public Offering in Japan submitted on February 13, 2026, and the amendments to the securities registration statement submitted on March 3, 2026 and March 12, 2026, respectively, were declared effective on March 12, 2026.

FAQ

What did PayPay Corporation (PAYP) announce in this Form 6-K?

PayPay announced the closing of its initial public offering of ADSs and full exercise of the underwriters’ option. The IPO totaled 63,235,295 ADSs at $16 per ADS, including shares sold by a SoftBank-controlled selling shareholder and a public offering in Japan.

How much capital did PayPay (PAYP) raise from its IPO?

PayPay reports net proceeds of JPY 94.6 billion ($603 million) from the IPO. This figure is after deducting underwriting discounts, commissions, and estimated offering expenses payable by the company, providing significant new financial resources for its operations and growth plans.

How many PayPay ADSs were sold in the IPO and at what price?

The IPO comprised 63,235,295 American depositary shares in total, including the underwriters’ option. PayPay priced the ADSs at $16 per ADS, with 54,987,214 ADSs in the initial sale and an additional 8,248,081 ADSs from the fully exercised underwriters’ option.

Which PayPay shareholder sold ADSs in the IPO and how many?

The IPO included 23,932,960 ADSs sold by SVF II Piranha (DE) LLC, a selling shareholder ultimately controlled by SoftBank Group Corp. This portion of the offering represents existing shares sold alongside the company’s primary capital-raising component.

On which exchange do PayPay ADSs trade and under what ticker?

PayPay’s ADSs began trading on the Nasdaq Global Select Market under the symbol “PAYP.” Trading commenced on March 12, 2026 (U.S. time), following effectiveness of the company’s registration statement on Form F-1 with the U.S. Securities and Exchange Commission.

Did PayPay (PAYP) also offer ADSs in Japan as part of the IPO?

Yes. As part of the IPO, PayPay conducted a Public Offering in Japan of 8,653,079 ADSs at $16 per ADS. These ADSs are included within the total 63,235,295 ADSs sold in the IPO, supported by a separate securities registration statement in Japan.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 5.7 KB