TLDR
- PayPay’s stock opened at $19, about 19% above its $16 IPO price on its Nasdaq debut
- The offering raised roughly $880 million by selling 55 million American Depositary Shares
- PayPay was valued at approximately $12.7–$14.7 billion on its first day of trading
- The company has around 72 million registered users and has processed over $100 billion in gross merchandise volume
- PayPay recently announced a partnership with Visa to explore U.S. market expansion
PayPay (PAYP) made a strong entrance on the Nasdaq on March 12, 2026, with its stock opening at $19 — about 19% above its $16 IPO price. The SoftBank-backed Japanese digital payments company had priced its shares below the marketed range of $17–$20.
Welcoming PayPay [PAYP] to the @NasdaqExchange Opening Bell in celebration of their listing. https://t.co/5SzMFVYc5U
— Nasdaq Exchange (@NasdaqExchange) March 12, 2026
The IPO raised approximately $880 million through the sale of around 55 million American Depositary Shares. PayPay and a SoftBank-controlled investment fund were the sellers in the offering.
The opening day valuation came in at roughly $12.7 billion to $14.7 billion, depending on the price point used. By midday Thursday, the stock had settled to around $18.03, reflecting some early volatility after the strong open.
This is the first U.S. listing of a SoftBank majority investment since chip designer Arm went public in 2023.
The IPO had originally been planned for December but was delayed after the U.S. government shutdown last fall held up the regulatory review process.
Strong Domestic Market
PayPay was jointly founded by SoftBank and Yahoo Japan in 2018. The company made early inroads by waiving transaction fees for small and medium-sized merchants for up to three years to drive adoption.
That strategy paid off. PayPay now claims about 72 million registered users in Japan and has crossed $100 billion in gross merchandise volume.
“The appeal of the company is that it’s one of the few fintech IPOs that have already won its domestic market,” said IPOX Research Associate Lukas Muehlbauer.
Japan still lags many countries in digital payments, which means there’s still room to grow at home.
PayPay CEO Ichiro Nakayama rang the opening bell at the Nasdaq Market Site in New York on Thursday. He told Reuters the company plans to build on its payments base to become a broader financial services platform post-IPO.
The company has already moved beyond basic payments into credit, banking, securities, and insurance.
Eyes on the U.S.
In February 2026, PayPay announced a partnership with Visa as part of a push to explore the U.S. market. Details on timing and execution remain limited.
Visa stock dipped about 0.55% to $307.25 on Thursday, while PayPal fell roughly 1.60% to $44.84.
Analyst coverage and price targets from the IPO underwriters are expected around early April, after the standard post-IPO quiet period ends.
PayPay’s IPO was seen as a bit of a test for the broader new listings market, which has been unsteady in recent weeks. Market swings from Middle East tensions had already prompted some companies to push back their listing plans.
“Given the backdrop, it’s a positive for the IPO market that PayPay is trading well so far,” said Nicholas Einhorn, Vice President of Research at Renaissance Capital.
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