SoftBank selects investment banks for US public offering of payments app PayPay

SOFTBANK has selected investment banks to help organize a potential initial public offering (IPO) in the United States for its Japanese payments app operator PayPay, according to two people familiar with the matter.

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The banks leading preparations for the listing are Goldman Sachs, JPMorgan Chase & Co., Mizuho Financial Group and Morgan Stanley, the sources said.

The PayPay offering may raise more than $2 billion from investors when it takes place, which the sources said could be as soon as the final quarter of this year.

The sources declined to be named as the information is not public and cautioned that factors including timing and the amount the IPO could raise are subject to market conditions.