Tokyo-based PayPay Corp. and an arm of SoftBank Group Corp. are seeking to raise as much as $1.1 billion in the digital payments firm's US IPO, which would mark the largest-ever listing for a Japanese company on a US stock exchange. The company is offering 31.1 million American depositary receipts, while a SoftBank Vision Fund II affiliate is selling 23.9 million ADRs, according to a filing with the US Securities and Exchange Commission.

At the top of the price range of $17 to $20 per ADR, PayPay would achieve a market value of about $13.4 billion. The company had been seeking a valuation of more than $10 billion, though SoftBank founder Masayoshi Son had pushed for as high as $20 billion. The IPO comes as SoftBank monetizes assets to finance new investments in artificial intelligence, having divested nearly $13 billion worth of T-Mobile US Inc. shares between June and December alone.

PayPay, which originated in 2018 as a joint venture with Vision Fund-backed Indian payments company Paytm, has been expanding overseas ahead of the global offering. The company announced a partnership with Visa in February to explore opportunities in the US market. The IPO is being led by Goldman Sachs Group Inc., JPMorgan Chase & Co., Mizuho Financial Group, and Morgan Stanley, with PayPay expected to debut on the Nasdaq Global Select Market under the symbol PAYP.