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> (PP), a payments and financial services platform, is now looking to raise up to US$1.1bn in its upcoming US IPO.</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 undertaken a peer comparison in our earlier notes. In this note, we provide our thoughts on valuations.</li>
</ul>



PayPay (PAYP US) (PP), a payments and financial services platform, is now looking to raise up to US$1.1bn in its upcoming US IPO.
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 undertaken a peer comparison in our earlier notes. In this note, we provide our thoughts on valuations.


Aequitas: PayPay IPO - Thoughts on Valuations

<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> (PP), a Japanese payments and financial services platform, is looking to raise up to US$2bn in its upcoming US IPO.</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 in our earlier note. In this note, we undertake a peer comparison.</li>
</ul>



PayPay (PAYP US) (PP), a Japanese payments and financial services platform, is looking to raise up to US$2bn in its upcoming US IPO.
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 in our earlier note. In this note, we undertake a peer comparison.


Aequitas: PayPay Pre-IPO - Peer Comparison

<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> (PP), a Japanese payments and financial services platform, is looking to raise up to US$2bn in its upcoming US IPO.</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>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



PayPay (PAYP US) (PP), a Japanese payments and financial services platform, is looking to raise up to US$2bn in its upcoming US IPO.
PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: PayPay Pre-IPO - The Negatives - User Growth, Loss Allowances

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paypay" target="_blank" data-smartkarma-citation="entities:35269:1" rel="noopener">PayPay (PAYP US)</a> (PP), a Japanese payments and financial services platform, is looking to raise up to US$2bn in its upcoming US IPO.</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>In this note, we talk about the positive aspects of the deal.</li>
</ul>



PayPay (PAYP US) (PP), a Japanese payments and financial services platform, is looking to raise up to US$2bn in its upcoming US IPO.
PP operates a digital finance platform that serves as a payment solution for users and merchants, along with offering additional services.
In this note, we talk about the positive aspects of the deal.


Aequitas: PayPay Pre-IPO - The Positives - Dominant in the Payment Space

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paypay" target="_blank" data-smartkarma-citation="entities:35269:1" rel="noopener">PayPay (PAYP US)</a>, Japan’s leading financial technology company, is seeking to raise about US$2 billion through a Nasdaq IPO.    </li>
<li>In 2024, PayPay held an 64% share of Japan’s code-based payment market by transaction volume. It is a subsidiary of <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a>. </li>
<li>The investment case rests on market leadership, the payment business’s robust transaction-driven growth, financial services’ increasing margin contribution, profitability, and a strong credit profile. </li>
</ul>



PayPay (PAYP US), Japan’s leading financial technology company, is seeking to raise about US$2 billion through a Nasdaq IPO.    
In 2024, PayPay held an 64% share of Japan’s code-based payment market by transaction volume. It is a subsidiary of Softbank Group (9984 JP). 
The investment case rests on market leadership, the payment business’s robust transaction-driven growth, financial services’ increasing margin contribution, profitability, and a strong credit profile. 


PayPay IPO (PAYP US): The Investment Case

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 - Thoughts on Valuations

PayPay (PAYP US) (PP), a payments and financial services platform, is now looking to raise up to US$1.1bn in its upcoming US IPO. In this note, we...

Sumeet Singh

Aequitas: PayPay Pre-IPO - Peer Comparison

PayPay (PAYP US) (PP), a Japanese payments and financial services platform, is looking to raise up to US$2bn in its upcoming US IPO. In this note,...

Sumeet Singh

Aequitas: PayPay Pre-IPO - The Negatives - User Growth, Loss Allowances

PayPay (PAYP US), a Japanese payments and financial services platform, is looking to raise up to US$2bn in its upcoming US IPO. In this note, we...

Sumeet Singh

Aequitas: PayPay Pre-IPO - The Positives - Dominant in the Payment Space

PayPay (PAYP US) (PP), a Japanese payments and financial services platform, is looking to raise up to US$2bn in its upcoming US IPO. In this note,...

Sumeet Singh

PayPay IPO (PAYP US): The Investment Case

PayPay, Japan’s leading financial technology company, is seeking to raise about US$2 billion through a Nasdaq IPO. In this note, I discuss the...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)