Digital bank PicPay debuts on Nasdaq this Thursday (29) after raising US$434 million in an initial public offering. This will be the first IPO of a Brazilian company in four years.
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The company also granted underwriters a 30-day option to purchase additional shares at the initial public offering price, potentially increasing the deal to about $500 million.
The company was founded in 2012, being acquired three years later by J&F Investimentos.
Bicycle Capital, a growth fund led by former SoftBank executives including Bolivian billionaire Marcelo Claure, has committed to investing $75 million in the offering, according to a statement.
The initial public offering, which PicPay had previously explored but abandoned in 2021, was led by Citigroup, Bank of America and Royal Bank of Canada.
The offering breaks a four-year pause in IPOs for Brazilian companies and could open the door for more.
Financial technology company Agibank, valued at R$9.3 billion at the end of 2024, filed this month to be listed in New York.
Brazilian fintechs, in particular, have been successful with listings in the United States due to favorable comparisons with their global peers.
The last Brazilian company to go public was digital bank Nubank, which debuted on the NYSE at the end of 2021, raising US$2.6 billion at a valuation above US$40 billion, becoming the largest bank in Latin America by market capitalization.
