At $16 per share, PayPay would raise $880 million and would be valued at $10.7 billion, according to the report.
PayPay did not immediately reply to PYMNTS’ request for comment.
The Bloomberg report noted that the IPO is being launched at a time when the Iran conflict has caused turbulence in the market and that the environment for IPOs was challenging even before the conflict began.
PayPay announced in a March 2 press release that it had launched the roadshow for its IPO and that the price per share for the proposed offering was estimated to be between $17 and $20.
It was reported at that time that PayPay hoped to raise up to $1.1 billion in the IPO and was targeting a valuation of $13.4 billion.
That valuation was below the $20 billion that some investors anticipated in October 2025. At that time, it was reported that PayPay’s baseline valuation of $13 billion was based on the expansion of the company’s Japanese business and that there were a range of opinions among investors on the company’s expansion prospects outside Japan, which could support a greater valuation.
PayPay filed for its IPO in February, without specifying the IPO price range of the shares.
The company’s platform includes payments, banking, investments and “daily life” features such as access to online shopping and food delivery services. Its payments capabilities include offline code-based payment, peer-to-peer money transfer, bill payment and online payment.
For merchants, PayPay offers code-based payment in store, payment terminals, merchant financing and marketing solutions.
As of Dec. 31, PayPay had 72 million registered users, which amounts to 75% of the smartphone users in Japan, and 40 million monthly transacting users, which amounts to 55% of the platform’s registered users.
The company reached a gross merchandise value of 15.7 trillion yen (about $104.6 billion) in its fiscal year 2024, six years after the service was launched.