SoftBank Plans PayPay Payments Business IPO In The US: Report

SoftBank Group Corp SFTBF SFTBY is reportedly considering a listing for its PayPay payments business in the U.S. stock market.

The IPO listing timing is not clear as money-losing PayPay needs to demonstrate a clear path to profitability, reported Reuters, citing a person familiar with the matter.

PayPay is owned by SoftBank, its internet business, Z Holdings, and the second Vision Fund. It reported an EBITDA loss of 11.9 billion yen in the year ended March, vs. a loss of 43.2 billion yen a year ago.

The IPO marks the second Softbank company's listing on the American stock market after the planned IPO of Arm Ltd.

Related: Softbank's Power Play: Arm Charges into AI Arena with Power-Packed Chips

As per the report, New York is a more attractive destination than Tokyo for listings, given the higher valuations tech companies generally achieve there. 

Also Read: SoftBank Boosts its Ambitions in the Robotics Industry, Backs Telexistence with $170M Investment

Price Action: SFTBF shares closed lower by 1.44% at $47.83 on Tuesday.