Simpson Thacher represented PayPay Corporation (“PayPay”) in connection with its initial public offering and listing on the Nasdaq Global Select Market. PayPay’s IPO is the largest by a Japanese company in a decade.
A total of 54,987,214 American Depositary Shares (“ADSs”) representing 54,987,214 shares of common stock were sold in the offering, at a price to the public of $16 per ADS. The underwriters have a 30-day option to purchase up to an aggregate of 8,248,081 additional ADSs to cover over-allotments. The ADSs began trading on the Nasdaq Global Select Market under the ticker symbol “PAYP” on March 12, 2026.
PayPay is a leading financial technology company that operates an ecosystem of payment, financial and everyday services for consumers and businesses in Japan. PayPay is the leader in Japan’s cashless payment market and also offers credit card, banking and securities brokerage services through its group companies.
The Simpson Thacher team included Taki Saito, David Snowden, Weiwei Chen, Yuriko Miyasaka and Yoshimi Koshiishi (Capital Markets); Arielle Katzman (Public Company Advisory Practice); Michael Mann and Heesang Yeo (Tax); and Tristan Brown and J. Pasco Struhs (Executive Compensation and Employee Benefits).