PicPay announced on Tuesday it is seeking a valuation as high as $2.46 billion through its initial public offering in the United States. The Brazilian digital bank, based in Sao Paulo, plans to raise up to $434.3 million by selling approximately 22.9 million shares, priced between $16 and $19 each.
The company, which is backed by J&F Investimentos owned by Brazilian billionaires Wesley and Joesley Batista, had previously attempted a U.S. listing in 2021. That effort was abandoned due to unfavorable market conditions.
Brazilian companies have seen limited IPO activity in recent years, with high interest rates dampening investor interest. The last significant IPO from Brazil was digital lender Nubank, which listed in the U.S. in 2021. Earlier this year, Cosan's Moove Lubricants nearly ended the dry spell before postponing its offering. Last week, fintech Agibank also filed for a New York listing.
PicPay was founded in 2012 and reported 42 million active consumers as of September 30. It began as a payments platform using QR codes and has expanded into a digital bank offering credit cards, insurance, and buy now, pay later services.
Bicycle Capital, a growth equity firm focused on Latin America, is anchoring the IPO with a commitment to purchase $75 million worth of shares. Citigroup, BofA Securities, and RBC Capital Markets are serving as joint global coordinators for the offering. PicPay intends to list on the Nasdaq under the ticker symbol "PICS".