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

Equity Capital Markets

<ul>
<li>PayPay Corporation filed for a U.S. IPO on February 12, targeting a potential March debut, backed by SoftBank and a top-tier global underwriting syndicate.</li>
<li>With 72 million registered users and ¥15.39 trillion in FY2025 GMV, PayPay leads Japan’s cashless market with over 20% sustained annual transaction growth.</li>
<li>Expansion into banking and securities, improving profitability, and strong eKYC penetration position PayPay as a scaled, integrated digital finance ecosystem amid accelerating cashless adoption.</li>
</ul>


PayPay Corporation filed for a U.S. IPO on February 12, targeting a potential March debut, backed by SoftBank and a top-tier global underwriting syndicate.
With 72 million registered users and ¥15.39 trillion in FY2025 GMV, PayPay leads Japan’s cashless market with over 20% sustained annual transaction growth.
Expansion into banking and securities, improving profitability, and strong eKYC penetration position PayPay as a scaled, integrated digital finance ecosystem amid accelerating cashless adoption.


PayPay Corporation (PAYP): Peeking at the IPO Prospectus of a Japanese Fintech

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

Equity Bottom-Up

<ul>
<li>We add PayPay to our coverage and to our payments company buy list for its GARP qualities</li>
<li>We also add Klarna to the buy list, for its deep value credentials across the broader peer group, and also fro its improving EBITDA margin</li>
<li>We keep Affirm on the sell list, creating an effective pairs trade in the BNPL space with a buy on Klarna and a sell on Affirm</li>
</ul>


We add PayPay to our coverage and to our payments company buy list for its GARP qualities
We also add Klarna to the buy list, for its deep value credentials across the broader peer group, and also fro its improving EBITDA margin
We keep Affirm on the sell list, creating an effective pairs trade in the BNPL space with a buy on Klarna and a sell on Affirm


PayPay (PAYP) Post-IPO and Payment Companies Update

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>PayPay Corp (PAYP) , a digital payments and fintech platform with deep penetration across Japan’s mobile payments ecosystem, began trading on March 12, 2026 with a mixed first session that ultimately shifted into a clear price discovery phase after the opening trade.</li><li>Shares opened at $19.00, representing an 18.75% gain above the $16.00 IPO price.</li><li>While the opening print reflected positive early demand from public market investors, no Bull signal was triggered during the pre-market indication period, which is the only window in which the IPO Prophet model can establish a bullish stance ahead of the opening trade.</li></ul>

PayPay Corp (PAYP) , a digital payments and fintech platform with deep penetration across Japan’s mobile payments ecosystem, began trading on March 12, 2026 with a mixed first session that ultimately shifted into a clear price discovery phase after the opening trade.Shares opened at $19.00, representing an 18.75% gain above the $16.00 IPO price.While the opening print reflected positive early demand from public market investors, no Bull signal was triggered during the pre-market indication period, which is the only window in which the IPO Prophet model can establish a bullish stance ahead of the opening trade.

PayPay Opens 18.75% Above IPO Price as IPO Prophet Bear Signals Correctly Frame First-Day Trading

<ul>
<li>PayPay priced 54.99M shares at $16, below its $17–$20 range, reflecting cautious pricing amid volatile markets and heightened geopolitical uncertainty.</li>
<li>Shares opened strongly at $19 and closed at $18.16, remaining above issue all day despite a 1.5% decline in the broader market.</li>
<li>Discounted pricing highlights valuation sensitivity in the IPO market as private companies transition to public markets during a challenging macro environment.</li>
</ul>


PayPay priced 54.99M shares at $16, below its $17–$20 range, reflecting cautious pricing amid volatile markets and heightened geopolitical uncertainty.
Shares opened strongly at $19 and closed at $18.16, remaining above issue all day despite a 1.5% decline in the broader market.
Discounted pricing highlights valuation sensitivity in the IPO market as private companies transition to public markets during a challenging macro environment.


PayPay Corporation (PAYP):  Discounted Japanese Fintech Debuts Strongly Despite Pricing Below Range

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-corporation" 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$1.1 billion through a Nasdaq IPO.</li>
<li>I previously discussed the IPO in <em><strong><a href="https://www.smartkarma.com/insights/paypay-ipo-payp-us-the-investment-case" target="_blank" data-smartkarma-citation="insights:222670" rel="noopener">PayPay IPO (PAYP US): The Investment Case</a></strong></em>. </li>
<li>In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive. The pricing date is 11 March.</li>
</ul>



PayPay (PAYP US), Japan’s leading financial technology company, is seeking to raise about US$1.1 billion through a Nasdaq IPO.
I previously discussed the IPO in PayPay IPO (PAYP US): The Investment Case. 
In this note, I present my forecasts and valuation. My analysis suggests that the IPO price range is attractive. The pricing date is 11 March.


PayPay IPO (PAYP US): Valuation Insights

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)

PayPay Corporation (PAYP): Peeking at the IPO Prospectus of a Japanese Fintech

PayPay, backed by SoftBank, files for U.S. IPO with strong growth in Japan's cashless market and plans for expansion into banking and securities.

IPO Boutique

PayPay (PAYP) Post-IPO and Payment Companies Update

Adding GARP play PayPay and deep value Klarna to buy list for their growth potential, while keeping Affirm on sell list for pairs trade strategy...

Victor Galliano

PayPay Opens 18.75% Above IPO Price as IPO Prophet Bear Signals Correctly Frame First-Day Trading

PayPay Corp (PAYP) , a digital payments and fintech platform with deep penetration across Japan’s mobile payments ecosystem, began trading on...

IPO Prophet

PayPay Corporation (PAYP): Discounted Japanese Fintech Debuts Strongly Despite Pricing Below Range

PayPay's cautious IPO pricing below range reflects market volatility and geopolitical uncertainty, but strong opening and closing prices suggest...

IPO Boutique

PayPay IPO (PAYP US): Valuation Insights

PayPay has priced its IPO at US$16 per ADS, below the US$17.00 to US$20.00 range, to raise US$880m, presumably due to the market turmoil. However,...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PayPay Corporation (PAYP): Peeking at the IPO Prospectus of a Japanese Fintech

​PayPay, backed by SoftBank, files for U.S. IPO with strong growth in Japan's cashless market and plans for expansion into banking and securities.

IPO Boutique

PayPay (PAYP) Post-IPO and Payment Companies Update

​Adding GARP play PayPay and deep value Klarna to buy list for their growth potential, while keeping Affirm on sell list for pairs trade strategy...

Victor Galliano

PayPay Opens 18.75% Above IPO Price as IPO Prophet Bear Signals Correctly Frame First-Day Trading

PayPay Corp (PAYP) , a digital payments and fintech platform with deep penetration across Japan’s mobile payments ecosystem, began trading on...

IPO Prophet

PayPay Corporation (PAYP): Discounted Japanese Fintech Debuts Strongly Despite Pricing Below Range

​PayPay's cautious IPO pricing below range reflects market volatility and geopolitical uncertainty, but strong opening and closing prices suggest...

IPO Boutique

PayPay IPO (PAYP US): Valuation Insights

PayPay has priced its IPO at US$16 per ADS, below the US$17.00 to US$20.00 range, to raise US$880m, presumably due to the market turmoil. However,...

Arun George

PayPay, backed by SoftBank, files for U.S. IPO with strong growth in Japan's cashless market and plans for expansion into banking and securities.

Adding GARP play PayPay and deep value Klarna to buy list for their growth potential, while keeping Affirm on sell list for pairs trade strategy...

PayPay's cautious IPO pricing below range reflects market volatility and geopolitical uncertainty, but strong opening and closing prices suggest...