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 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

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>PayPay has raised $698 million in total funding since its founding, with the most recent corporate round of $279 million completed in December 2024.</li><li>PayPay's overseas payment mode launched in South Korea represents the first step toward regional wallet expansion, allowing Japanese users to make payments and peer-to-peer transfers abroad.</li><li>With 70 million users representing over half of Japan's population, user growth is slowing as PayPay approaches market saturation.</li></ul>

PayPay has raised $698 million in total funding since its founding, with the most recent corporate round of $279 million completed in December 2024.PayPay's overseas payment mode launched in South Korea represents the first step toward regional wallet expansion, allowing Japanese users to make payments and peer-to-peer transfers abroad.With 70 million users representing over half of Japan's population, user growth is slowing as PayPay approaches market saturation.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gcash" target="_blank" data-smartkarma-citation="entities:40108:1" rel="noopener">GCash (Mynt) (GCASH PM)</a> is the No.1 finance super app in the Philippines. It is seeking to raise US$845m at PHP6.60 per share. The listing is on 20 October.</li>
<li>I discussed the IPO in <a href="https://www.smartkarma.com/insights/mynt-gcash-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:249615" rel="noopener">Mynt (GCash) IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/mynt-gcash-ipo-2q-and-valuation-update" target="_blank" data-smartkarma-citation="insights:267765" rel="noopener">Mynt (GCash) IPO: 2Q and Valuation Update</a>. </li>
<li>The cornerstone commitment is unchanged at PHP36.5bn, about 69% of the offer. GCash is fairly valued at the IPO price.</li>
</ul>



GCash (Mynt) (GCASH PM) is the No.1 finance super app in the Philippines. It is seeking to raise US$845m at PHP6.60 per share. The listing is on 20 October.
I discussed the IPO in Mynt (GCash) IPO: The Investment Case and Mynt (GCash) IPO: 2Q and Valuation Update. 
The cornerstone commitment is unchanged at PHP36.5bn, about 69% of the offer. GCash is fairly valued at the IPO price.


Mynt (GCash) IPO: Fairly Valued at the IPO Price

Japan

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

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

PayPay (PAYP US)

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

Primer: PayPay - 16 Feb 2026

Mobile payment app for QR code purchases, transfers, and bill payments in Japan

Sacra

Mynt (GCash) IPO: Fairly Valued at the IPO Price

GCash is the No.1 finance super app in the Philippines. It is seeking to raise US$845m at PHP6.60 per share. GCash is fairly valued at the IPO price.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)