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Hong Kong stablecoin payments company RedotPay has completed a financial audit required for a potential U.S. initial public offering, while a person familiar with its plans said the company is targeting a valuation above $5 billion.
RedotPay said its IPO process has not been deferred, pushing back against an August report that legal and regulatory issues could delay a listing until 2027 or later. The company has not announced a filing date or said when shares could begin trading.
Big Four Firms Complete Financial and AML Reviews
RedotPay said a Big Four accounting firm completed its financial audit, while another Big Four firm reviewed its anti-money laundering and counter-terrorist financing controls. It did not identify either firm.
Audited financial statements are required for companies pursuing a U.S. public listing. Completing the audit advances RedotPay’s preparations but does not mean the company has filed an IPO registration statement with the Securities and Exchange Commission.
JPMorgan and Goldman Sachs have previously been reported as working with RedotPay on the proposed listing.
Reported Valuation Target Rises Above $5B
A person familiar with the company’s plans said RedotPay is seeking a valuation above $5 billion. The company has not publicly confirmed the target. The figure is higher than the more than $4 billion valuation RedotPay was reported to be considering for a U.S. listing earlier this year.
The person also said second-quarter transaction volume reached a record and RedotPay’s operating margin exceeded 50%, without providing the underlying figures. RedotPay had more than 8 million users and annualized payment volume above $14 billion by August.
$473M Binance-Linked Lawsuit Remains Unresolved
RedotPay’s IPO preparations are continuing while the company faces litigation brought by Binance-linked entities in Hong Kong. Binance affiliates allege RedotPay’s founders improperly diverted hundreds of thousands of Binance users toward RedotPay products and are seeking about $473 million in damages.
RedotPay has rejected the allegations and said it will defend the claims. A related dispute is also continuing in Singapore. RedotPay has not said whether either case will affect its IPO timetable.
A formal SEC registration filing would provide the next public details on the proposed offering, including audited financial statements, risk disclosures and listing terms.
