IPO and Listing

How do you translate a complex digital financial ecosystem into a compelling narrative that demonstrates rapid adoption and long-term investment value?

PayPay (a consolidated subsidiary of SoftBank Group) is Japan’s leading fintech company, dedicated to becoming a digital finance platform for all, empowering the everyday lives of users by transforming smartphones into a comprehensive, accessible financial platform. Through a seamless ecosystem of payment, financial, and everyday services, PayPay is centralising daily activities for ultimate convenience. The company is a trailblazer in Japan’s historically cash-centric society.

Imagination supported PayPay’s 2026 IPO by translating the platform’s everyday ubiquity in Japan into a compelling story for global investors. By pairing this narrative with strategic global events, we ensured that key stakeholders were fully engaged for this critical milestone.

Across a nearly one-year partnership from 2025 to 2026, Imagination Investor Communications partnered with PayPay starting with the development of IPO pre-marketing content, to its IPO Roadshow marketing materials including a 36-minute roadshow video. Our partnership culminated with the production of international Listing Day celebrations and a large-scale employee event to celebrate PayPay’s “Next Start.”

Pre-marketing education

We created an engaging product video for PayPay’s testing-the-waters meetings that brought its multi-faceted app and features to life. Through 2D character and UI animations, the video illustrated how the platform provides convenience to daily life, from morning to night. We highlighted core services from code-based payments to P2P money transfers to investing. By demonstrating how these integrated tools simplify everyday transactions, the video clearly conveyed how PayPay has established itself as an indispensable part of daily life across Japan. This was a critical tool during the pre-marketing phase for investors who could not directly experience the app.

A rapid growth story

For the IPO roadshow video, we expanded our messaging to elaborate on PayPay’s growth and investment potential despite a traditionally cash-based society. We also needed to convey the widespread- and rapid-adoption of PayPay across Japan by both young and old and its deep immersion into daily living.

PayPay’s CEO, CFO, CTO, and co-COOs spoke to the company’s strategic vision while a VO artist helped weave the narrative together. An influential partner testimonial was given by the CEO of a major enterprise partner, speaking to a multi-year partnership with PayPay. Testimonials from three users highlighted personal brand affinity, while three merchant employees representing small- and medium-sized businesses shared how adopting PayPay streamlined their operations and elevated the customer experience.

We filmed multiple lifestyle sequences across Tokyo with casted talent to showcase varied, authentic uses of the app across different generations and daily scenarios. The result was an IPO roadshow video that brought the full breadth of the PayPay ecosystem to light while educating investors on the immense opportunity.

Extending beyond video, we designed cover art and testimonial pages for PayPay’s F-1 filing as well as a custom NetRoadshow brand skin to ensure a cohesive visual identity across all investor touchpoints.

A global celebration

The largest US single listing by a Japanese company, we collaborated with PayPay and the Nasdaq on the production of three international listing day events in New York, Tokyo and Delhi.

In Tokyo, ~100 VIP guests were hosted at the Conrad Ballroom for a curated five-course dinner, speeches, and a champagne toast. At The Leela Ambience in Delhi, ~150 employees joined in the celebration at a festive evening of dinner and dancing, hosted by celebrity emcee Sonam Negi with entertainment by DJ Kamil and popular Indian live music and Bollywood band Ayush Collective. Attendees in India and Tokyo enjoyed photo opportunities with a mock Nasdaq podium in each location. The Nasdaq listing day ceremonies in New York were attended by senior leadership and VIP guests. During the opening bell ringing, real-time video feeds from both events in Delhi and Tokyo were broadcast onto the Nasdaq Tower and online, showing PayPay’s global stakeholders celebrating alongside the CEO and team in New York.

All sites were adorned with “PAYP | Nasdaq Listed” digital and printed branding designed with English and Japanese translations. Leveraging the content filmed for the roadshow video, a package of digital out-of-home and video assets was produced for the events. In Times Square, we designed assets for the Nasdaq Tower, Nasdaq Marquee, 1TSQ and MIFI billboards incorporating PayPay’s UI, dynamic animations, and newly filmed b-roll. We also delivered a complete suite of event video assets, including an opening video, walk-in video loop, testimonial interstitials and more.

PayPay’s “Next Start”

Following the March listing, the momentum continued with a capstone celebration produced by Imagination in mid-April at the breathtaking Hiten Ballroom in the Grand Prince Hotel Tokyo. Over 1,000 employees gathered for drinks, finger foods, executive presentations, and panel discussions reflecting on the journey of PayPay and building excitement and focus for the future. The event concluded with a special guest performance by celebrity DJ Celly who led the crowd in an energetic coordinated dance.

For the audience

Through our work, prospective investors gained a comprehensive look at the breadth of PayPay’s platform. By witnessing real-world adoption across demographics and hearing directly from executive leadership, merchants, and key enterprise partners, investors developed a clear understanding of PayPay’s scalable growth model and its dominant role in Japan’s digital economy.

For the brand

Priced at $16.00 per ADS for a $10.7B valuation, PayPay’s IPO was a landmark milestone for PayPay and SoftBank Group, with an initial offering size of $880M on listing day, exceeding $1B in total offering size following the exercise of the greenshoe option. From pre-marketing content to synchronized global events, Imagination’s end-to-end execution helped position PayPay as Japan’s digital finance powerhouse on the world stage.