Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paypay-corporation" target="_blank" data-smartkarma-citation="entities:35269:1" rel="noopener">PayPay (PAYP US)</a>, a payments and financial services platform, raised around US$880m in its US IPO after pricing below the range.</li>
<li>PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.</li>
<li>We have looked at its past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



PayPay (PAYP US), a payments and financial services platform, raised around US$880m in its US IPO after pricing below the range.
PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.
We have looked at its past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


Aequitas: PayPay IPO Trading - Valuations Digestible, Sentiment Suffering

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

<ul>
<li>The platform dominates Japan’s mobile payments market with ~70% smartphone user adoption and 40 million monthly transacting users.</li>
<li>Revenue reached ¥278B in the first nine months of FY2025 with ~30% EBITDA margins and steadily declining transaction costs.</li>
<li>Premium valuation and volatile markets create execution risk despite strong fundamentals and $220M cornerstone demand from global investors.</li>
</ul>


The platform dominates Japan’s mobile payments market with ~70% smartphone user adoption and 40 million monthly transacting users.
Revenue reached ¥278B in the first nine months of FY2025 with ~30% EBITDA margins and steadily declining transaction costs.
Premium valuation and volatile markets create execution risk despite strong fundamentals and $220M cornerstone demand from global investors.


PayPay Corporation (PAYP): Japanese Fintech Draws Strong Orders Amidst Global Uncertainties

Get Ahead with IPO Insights, IPO Prophet

IPO Prophet

Get Ahead with IPO Insights

At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

<ul><li>✅ IPO PROPHET RATING: 7.68/10 🏦 Deal Quality &amp; Underwriters: 8.5/10 PayPay Corp plans to list on Nasdaq under the ticker PAYP with an offering of 54.99 million shares priced between $17 and $20 per share, raising approximately $1.02 billion at the midpoint.</li><li>The company operates one of the largest mobile payment ecosystems in its core markets, combining consumer digital wallets, merchant payment acceptance, and integrated financial services into a single platform.</li><li>The offering is being led by Goldman Sachs, J.P.</li></ul>

✅ IPO PROPHET RATING: 7.68/10 🏦 Deal Quality &amp; Underwriters: 8.5/10 PayPay Corp plans to list on Nasdaq under the ticker PAYP with an offering of 54.99 million shares priced between $17 and $20 per share, raising approximately $1.02 billion at the midpoint.The company operates one of the largest mobile payment ecosystems in its core markets, combining consumer digital wallets, merchant payment acceptance, and integrated financial services into a single platform.The offering is being led by Goldman Sachs, J.P.

<ul><li>PayPay Corporation has set terms for its U.S.</li><li>initial public offering and plans to list on the Nasdaq Global Select Market under the ticker PAYP .</li><li>The company intends to offer 54,987,214 American Depositary Shares (ADSs) at a proposed price range of $ 17.00 to $20.00 per ADS.</li></ul>

PayPay Corporation has set terms for its U.S.initial public offering and plans to list on the Nasdaq Global Select Market under the ticker PAYP .The company intends to offer 54,987,214 American Depositary Shares (ADSs) at a proposed price range of $ 17.00 to $20.00 per ADS.

PayPay Sets Terms for ~$1.0B Nasdaq IPO as Profitable Japanese Fintech Scales Beyond $100B in GMV

<ul>
<li>PayPay Corporation plans to raise over $1 billion, offering 54.99M ADSs at $17–$20, implying an $11.7B–$13.7B market cap ahead of its March 12 debut.</li>
<li>Approximately 56% of shares are primary, with SoftBank retaining 91.78% voting control post-IPO; cornerstone demand includes Qatar Holding, Visa, and ADIA for up to $220M.</li>
<li>Strong profitability and scale support the story, but volatile markets and weak recent fintech IPO performance make execution a key near-term test.</li>
</ul>


PayPay Corporation plans to raise over $1 billion, offering 54.99M ADSs at $17–$20, implying an $11.7B–$13.7B market cap ahead of its March 12 debut.
Approximately 56% of shares are primary, with SoftBank retaining 91.78% voting control post-IPO; cornerstone demand includes Qatar Holding, Visa, and ADIA for up to $220M.
Strong profitability and scale support the story, but volatile markets and weak recent fintech IPO performance make execution a key near-term test.


PayPay Corporation (PAYP): Japanese Fintech Sets Terms for IPO Amidst Broad Market Volatility

Japan

PayPay Corporation offers financial services. The Company provides mobile payment and other electronic payment services. PayPay conducts its businesses in Japan.

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PayPay (PAYP US)

Aequitas: PayPay IPO Trading - Valuations Digestible, Sentiment Suffering

PayPay (PAYP US), a payments and financial services platform, raised around US$880m in its US IPO after pricing below the range. In this note, we...

Sumeet Singh

PayPay Corporation (PAYP): Japanese Fintech Draws Strong Orders Amidst Global Uncertainties

Japan's dominant mobile payments platform boasts high user adoption and revenue, but faces execution risk due to premium valuation and market...

IPO Boutique

IPO Rating: PayPay Corp

✅ IPO PROPHET RATING: 7.68/10 🏦 Deal Quality & Underwriters: 8.5/10 PayPay Corp plans to list on Nasdaq under the ticker PAYP with an offering...

IPO Prophet

PayPay Sets Terms for ~$1.0B Nasdaq IPO as Profitable Japanese Fintech Scales Beyond $100B in GMV

PayPay Corporation has set terms for its U.S. initial public offering and plans to list on the Nasdaq Global Select Market under the ticker PAYP...

IPO Prophet

PayPay Corporation (PAYP): Japanese Fintech Sets Terms for IPO Amidst Broad Market Volatility

PayPay Corporation plans to raise over $1 billion in IPO, with strong profitability and scale but facing challenges in volatile markets and weak...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aequitas: PayPay IPO Trading - Valuations Digestible, Sentiment Suffering

PayPay (PAYP US), a payments and financial services platform, raised around US$880m in its US IPO after pricing below the range. In this note, we...

Sumeet Singh

PayPay Corporation (PAYP): Japanese Fintech Draws Strong Orders Amidst Global Uncertainties

​Japan's dominant mobile payments platform boasts high user adoption and revenue, but faces execution risk due to premium valuation and market...

IPO Boutique

IPO Rating: PayPay Corp

✅ IPO PROPHET RATING: 7.68/10 🏦 Deal Quality & Underwriters: 8.5/10 PayPay Corp plans to list on Nasdaq under the ticker PAYP with an offering...

IPO Prophet

PayPay Sets Terms for ~$1.0B Nasdaq IPO as Profitable Japanese Fintech Scales Beyond $100B in GMV

PayPay Corporation has set terms for its U.S. initial public offering and plans to list on the Nasdaq Global Select Market under the ticker PAYP...

IPO Prophet

PayPay Corporation (PAYP): Japanese Fintech Sets Terms for IPO Amidst Broad Market Volatility

​PayPay Corporation plans to raise over $1 billion in IPO, with strong profitability and scale but facing challenges in volatile markets and weak...

IPO Boutique

Japan's dominant mobile payments platform boasts high user adoption and revenue, but faces execution risk due to premium valuation and market...

PayPay Corporation plans to raise over $1 billion in IPO, with strong profitability and scale but facing challenges in volatile markets and weak...