DFIN Supports PayPay Corporation’s U.S. IPO on Nasdaq

Congratulations to our IPO client, PayPay Corporation, on its successful listing on Nasdaq (NASDAQ: PAYP) on March 12, 2026. The transaction represents the largest U.S. IPO by a Japanese company in nearly a decade, marking a significant milestone for Japan’s digital payments sector.

Deal Highlights

• Transaction Type: Initial Public Offering (ADR listing)
• Offering Size: ~55.0 million American Depositary Receipts
• Offer Price: US$16.00 per ADR
• Funds Raised: ~US$879.8 million
• Implied Market Capitalization: ~US$12.1 billion (at close)
• Joint Global Coordinators & Bookrunners: Goldman Sachs & Co. LLC, J.P. Morgan, Mizuho Securities USA LLC and Morgan Stanley & Co. LLC (in alphabetical order)

About PayPay Corporation

Founded in 2018, PayPay Corporation is Japan’s leading digital payments platform, serving more than 70 million users nationwide. The company plays a central role in Japan’s cashless payments ecosystem and has achieved sustained profitability while continuing to expand its service offering and international footprint.

DFIN End-to-End IPO Solutions

Executing a crossborder U.S. IPO requires robust disclosure management, execution precision, and close coordination between the project teams and key stakeholders. Throughout the IPO process, DFIN supported the transaction team in the following areas:

• Secure Disclosure & Collaboration: Structured workflows supported controlled access, version management, and efficient collaboration between PayPay Corporation and its legal and financial advisers throughout the IPO process.
• Document Control & Filing Support: Robust document management supported preparation, review, and submission of offering documents in line with U.S. filing requirements and transaction timelines.
• U.S. SEC EDGAR Expertise: DFIN’s experience supporting complex, crossborder U.S. listings and SEC compliance requirements enabled efficient execution of the project.

From earlystage preparation through public listing, DFIN helps companies approach the path to public markets with confidence—delivering the technology, expertise, and reliability required when accuracy and execution matter most.

Discover how DFIN’s IPO solutions and Venue Virtual Data Room can empower your next milestone, or get in touch today for further information.