SoftBank Group’s Payments App PayPay Files for US Debut (2)

SoftBank Group Corp.’s digital payment provider PayPay Corp. has confidentially filed a draft registration to debut on the US stock market in a deal that could mint Japan’s first $10 billion unicorn.

SoftBank is seeking a valuation for PayPay of ¥1.5 trillion ($10 billion) or more, according to people familiar with the matter, who declined to be named as discussion isn’t public. If the plans go ahead, it may be the largest IPO for a Japanese company on a US stock exchange, according to data compiled by Bloomberg.

SoftBank Corp., which owns a stake in PayPay, didn’t immediately respond ...