Japan’s SoftBank has chosen investment banks to help organise a possible IPO of PayPay, a subsidiary of the Japanese payment application operator, Reuters reports, citing informed sources.
According to them, Goldman Sachs Group, JPMorgan Chase & Co., Mizuho Financial Group and Morgan Stanley will be engaged in the main preparation for listing in the United States.
The offering could take place as early as the fourth quarter of this year, and its size could exceed $2bn. However, both the timing and the size of the offering depend on market conditions, the sources said.
Two years ago, Reuters reported that SoftBank was considering listing PayPay in the US. This year, the Japanese conglomerate said it wanted to take the business public.
PayPay offers other financial services and products, including banking and credit cards, in addition to its mobile app.
SoftBank shares were up 6.9 per cent in Tokyo trading on Tuesday.