Brazilian digital bank PicPay announced on Tuesday that it is targeting a valuation of up to $2.46 billion in its long-awaited U.S. initial public offering, signaling a renewed push by Brazilian issuers into New York markets after several subdued years.
The São Paulo–based fintech aims to raise as much as $434.3 million by offering approximately 22.9 million shares priced between $16 and $19 each. PicPay is backed by J&F Investimentos, controlled by Brazilian billionaire brothers Wesley and Joesley Batista, and had previously explored a U.S. listing in 2021 before abandoning the plan amid challenging market conditions.
IPO activity from Brazilian companies has remained limited in recent years due to high interest rates and weaker investor appetite in Latin America’s largest economy. The last major Brazilian listing in the U.S. was by digital lender Nubank in 2021. More recently, Brazilian fintech Agibank has also filed for a New York listing, suggesting renewed momentum.
Founded in 2012, PicPay is one of Brazil’s largest digital banks, reporting 42 million active users as of September 30. Initially launched as a payments and QR code platform, the company has since expanded into a full-service digital bank offering credit cards, insurance, and buy-now-pay-later services.
Latin America–focused Bicycle Capital plans to purchase $75 million worth of shares in the offering. The IPO is being led by Citigroup, BofA Securities, and RBC Capital Markets. PicPay plans to list on the Nasdaq under the ticker symbol “PICS.”
