PayPay's IPO
Listed Mar 12, 2026 at $16 on Nasdaq as PAYP.
Today 10% below its $16 offer price; its first day closed +13.5%.
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What does PayPay do?
| Fact | PayPay |
|---|---|
| Founded | 2024 |
| Website | paypay.ne.jp |
What is the offering?
Each figure names the filing it is from and that filing's date. The market cap is Breakaway's arithmetic from the prospectus's share count.
| Fact | PayPay |
|---|---|
| Shares offered | 31,054,254 ADSs |
| Offer price | $16 per ADS |
| Raised at that price | $880 million |
| Underwriters' discount | $33 million |
| Underwriters | Goldman Sachs, J.P. Morgan, Mizuho, Morgan Stanley, Citigroup, and Jefferies, and 13 more |
| Exchange | Nasdaq Global Select Market, as PAYP |
| Shares outstanding after | 668,625,454 |
| Market cap at the offer price | $10.7 billion |
What the filing says about its money
| Fact | PayPay |
|---|---|
| Total revenue | $299.1 billion, year to March 31, 2025 |
What risks does PayPay name first?
- “If we fail to manage our growth effectively, we may be unable to execute our business plan or maintain high levels of service and satisfaction.”
- “We may fail to attract new users, retain our active users or expand the scope of our relationship with our active users, our business, results of operations, financial condition, cash flows and prospects could be materially and adversely affected.”
- “We may be unable to attract new merchants to utilize our services, grow our relationships with our existing merchants, and increase transaction volumes across our payment settlement services.”
Every date of PayPay's IPO
| What | Day |
|---|---|
| Registration filed | Feb 12, 2026 |
| Exchange registration filed | Mar 9, 2026 |
| Declared effective by the SEC | Mar 11, 2026 |
| Priced | Mar 11, 2026 |
| First trade | Mar 12, 2026 |
| Lock-up ends | Sep 7, 2026 |
How did its first days trade?
From its daily bars, each close against its $16 offer price.
| Day | Open | Close | From the offer |
|---|---|---|---|
| Mar 12 | $19 | $18.16 | +13.5% |
| Mar 13 | $21 | $21.14 | +32.1% |
| Mar 16 | $21.73 | $19.35 | +20.9% |
| Mar 17 | $19.50 | $19.79 | +23.7% |
| Mar 18 | $19.98 | $18.46 | +15.4% |
What is PayPay's Quality Score?
Below Average
PAYP's page, with every reason behind its scoreThe other IPOs expected
| Company | Price |
|---|---|
| $19 to $21 | |
| $15 to $17 | |
| $15 to $17 | |
| $7 | |
| $5 to $7 |
PayPay IPO questions
When is PayPay's IPO?
Listed Mar 12, 2026 at $16 on Nasdaq as PAYP.
What is PayPay's IPO price?
PayPay's IPO priced at $16 a share, per its final prospectus of Mar 12, 2026.
How many shares is PayPay selling?
31,054,254 ADSs, per its final prospectus (424B4).
Who are the underwriters?
Goldman Sachs, J.P. Morgan, Mizuho, Morgan Stanley, Citigroup, Jefferies, BofA Securities, Societe Generale, Wolfe | Nomura Alliance, Cantor, Credit Agricole, Daiwa, Deutsche Bank, Natixis, SMBC Nikko, ING, Barclays, IMI - Intesa Sanpaolo, and Santander, as the prospectus's cover names them.
When does the lock-up end?
PayPay's IPO lock-up ends Sep 7, 2026. Its final prospectus says: “.”
Does Breakaway rate PayPay?
PayPay has a Quality Score of 4 today. The score counts the 14 chart checks and the company's filings; a check that needs more history than a new stock has waits for it.
Can Breakaway say where PayPay's price will go?
No. Breakaway does not say where a price will go. Every figure here is from the company's SEC filings, linked on each line.
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