PayPay, Japan’s largest mobile payment service, filed a registration statement on Thursday with the Securities and Exchange Commission for an initial public offering in the United States.

The securities will be American depositary shares representing the company’s underlying common stock. The timing, number of shares and price range for the IPO are yet to be determined, SoftBank Group said in a statement.

PayPay is a subsidiary of SoftBank.

PayPay submitted applications for the public listing of shares in the United States last August on an unspecified U.S. exchange. Friday’s statement said it has applied to list the shares on the Nasdaq.

Goldman Sachs, JPMorgan, Mizuho Securities USA and Morgan Stanley are joint book-running managers for the proposed offering.

The company said that shares will also be offered in Japan as part of the proposed IPO, and that it filed related statements with the local authorities in Japan on Friday.

After the listing, PayPay will remain a subsidiary of SoftBank Group. It does not expect any material effect from the listing on its financial results, the parent company added.

If the listing succeeds, it will likely be the largest such offering by a Japanese company in the United States. In an article published Thursday by Nikkei, the post-listing market capitalization was forecast to exceed ¥3 trillion ($19.6 billion).

Established in 2018 as a joint venture between SoftBank and Yahoo Japan, PayPay now has 70 million users. The company also issues credit cards and provides banking services.

Payments processed by PayPay reached ¥14.3 trillion in the first three quarters of fiscal 2025, a 24% year-on-year increase, according to SoftBank’s earnings report for the three months ending December 2025.

PayPay said on Thursday that it is considering the formation of a new company with Visa, which is headquartered in Foster City, California, and is the world’s largest payments network by transaction volume.