AsianFin -- SoftBank has tapped several major investment banks to lead the preparations for a possible initial public offering (IPO) of its Japanese payments app operator, PayPay, in the United States, according to sources familiar with the matter.
Goldman Sachs, JPMorgan Chase & Co, Mizuho Financial Group, and Morgan Stanley are said to be spearheading the efforts for the listing, the sources added.
The IPO could potentially raise over $2 billion from investors and might take place as early as the fourth quarter of this year, though the timeline and amount remain dependent on market conditions, the sources cautioned.
All parties involved, including SoftBank and the banks, declined to comment on the matter.
PayPay has been influential in shifting Japanese consumers away from their traditional reliance on cash by offering incentives such as rebates for payments made through its mobile app.