Jan 20 (Reuters) – PicPay said on Tuesday it was targeting a valuation of up to $2.46 billion in its long-sought U.S. initial public offering, as Brazilian issuers return to New York after years-long drought.
The Sao Paulo-based Brazilian digital bank is aiming to raise up to $434.3 million in the IPO by offering roughly 22.9 million shares priced between $16 and $19 apiece.
PicPay, backed by Brazilian billionaire brothers Wesley and Joesley Batista’s J&F Investimentos, had previously pursued a U.S. listing in 2021, but dropped that plan due to market headwinds.
IPO volumes from Brazilian companies have remained subdued in the past few years as high interest rates curbed appetite in Latin America’s largest economy. The last major IPO from Brazil was by digital lender Nubank, which listed its shares in the United States in 2021.
Brazilian conglomerate Cosan’s Moove Lubricants had almost ended the dry spell in 2024, before shelving its planned offering.
Fintech Agibank also filed its paperwork for a New York listing last week.
Founded in 2012, PicPay is one of the biggest digital banks in Brazil and had 42 million active consumers as of September 30.
PicPay started its operations with payments and QR codes and has since evolved into a digital bank offering financial products and services such as credit cards, insurance and buy now, pay later.
Bicycle Capital, a Latin America-focused growth equity firm, is anchoring the IPO and plans to purchase $75 million worth of PicPay shares in the offering.
Citigroup, BofA Securities and RBC Capital Markets are the joint global coordinators. PicPay aims to list on the Nasdaq under the symbol “PICS”.
(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar)
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