SoftBank Corp’s mobile payments joint venture PayPay commenced a move to list on a US stock exchange, adding flesh to a plan alluded to by the Japanese operator’s CFO earlier this year and potentially netting a significant valuation.

PayPay filed the necessary IPO paperwork with the US Securities and Exchange Commission late yesterday (14 August) for a move involving its common shares.

Details of the “exact schedule, size and price” are yet to be established, it stated, explaining the SEC filing is a confidential draft registration document.

And PayPay warned the filing of the documents is no guarantee of an IPO proceeding, explaining the feasibility of the move is “subject to market and other conditions”, along with the SEC’s review of its request.

In a related statement, SoftBank explained it intends for PayPay to remain a consolidated subsidiary and does not expect any material impact on its earnings if a listing proceeds.

CFO Kazuhiko Fujihara mentioned work on an IPO had commenced during a call about fiscal Q2 2024 earnings, without fleshing out its strategy.

Bloomberg reports SoftBank is seeking a valuation of JPY1.5 trillion ($10.2 billion) and the IPO could end up as the largest ever by a Japanese company on a US exchange.

Earlier this week, Reuters reported SoftBank would task banking groups Goldman Sachs, JPMorgan Chase & Co, Mizuho Financial Group and Morgan Stanley to oversee PayPay’s IPO arrangements.