TOKYO (Reuters) – SoftBank said on Friday that payments app operator PayPay Corp has applied to list American depositary shares in the United States.

The exact schedule, size and price for the public listing have yet to be determined, SoftBank said in a statement.

Reuters reported this week that SoftBank had selected banks for a potential initial public offering in the U.S.

The offering may raise more than $2 billion from investors and could take place as soon as the final quarter of this year, Reuters reported.

PayPay will continue to be a SoftBank subsidiary following the listing, the conglomerate said.

Reuters reported in 2023 that SoftBank was considering a U.S. listing for the business.

PayPay has helped spur Japanese consumers to embrace digital payments and offers services such as banking and credit cards.

(Reporting by Mariko Katsumura and Sam Nussey; Editing by Chang-Ran Kim and Clarence Fernandez)