SoftBank’s PayPay Gets Closer to US IPO in Milestone for Japan

SoftBank Group Corp.’s digital payments provider PayPay Corp. has filed publicly for a US IPO, in what could be the biggest listing for a Japanese company on a US stock exchange.

Japan’s dominant QR-code payments application may list as early as March, according to a filing with the US Securities and Exchange Commission. PayPay is seeking a valuation of more than $10 billion, although SoftBank founder Masayoshi Son is pushing for a valuation as high as $20 billion, people familiar with the matter said, asking not to be identified because the discussions are private.

Representatives of PayPay and ...