Sovereign wealth funds from the UAE and Qatar have agreed to act as cornerstone investors in PayPay Corporation and a subsidiary of SoftBank Group as part of a $1.1 billion flotation in the US.
Abu Dhabi Investment Authority (Adia) and Qatar Holding, the investment arm of Qatar Investment Authority, have committed to purchasing shares in the digital payments company worth up to $220 million, alongside Visa International Service Association, according to a filing with the US Securities and Exchange Commission.
The filing did not disclose the individual amounts to be invested by each of the funds.
PayPay Corporation plans to offer 31.1 million US depositary shares, while SoftBank Vision Fund II, a unit of Japan’s SoftBank, intends to sell 23.9 million shares on the Nasdaq, the document stated.
The IPO is expected to be priced in the range of $17 to $20 per share, the filing noted.
PayPay postponed the launch of its formal marketing campaign due to uncertainty surrounding conflict in the Middle East, Bloomberg reported. The offering is anticipated to be priced on March 11.
According to the filing, PayPay recorded a profit of ¥103.3 billion ($656 million), marking a 255 percent increase year on year, while revenue rose 26 percent to ¥278.5 billion during the first nine months of 2025.
Last month, Adia also participated as an anchor investor in the IPO of Indian renewable energy firm Clean Max Enviro Energy Solutions.
The sovereign fund previously supported the IPO of Chinese AI startup MiniMax as a cornerstone investor, with the company’s share price doubling on its debut on the Hong Kong stock exchange.
