PicPay Sets US IPO Price at Upper Range, Marking First Brazilian Listing Since 2021

PicPay's Landmark US IPO Raises $434 Million

PicS NV, a fintech company under the control of the billionaire Batista family, has successfully secured $434 million through an initial public offering in the United States. This marks the most notable US market entry by a Brazilian firm in over four years.

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Operating under the name PicPay, the company sold 22.86 million shares at $19 each, reaching the upper end of its proposed price range, as confirmed in an official statement. The digital bank had initially targeted a range between $16 and $19 per share.

With this IPO price, PicPay, headquartered in Sao Paulo, achieves a market capitalization of $2.5 billion based on its outstanding shares.

This offering is the largest by a Brazilian company since Nu Holdings Ltd.—the nation’s leading digital bank—went public on the New York Stock Exchange in 2021. Nu Holdings, also known as Nubank, currently boasts a market value of $90.7 billion.

According to sources, investor demand for PicPay’s IPO was robust, with orders totaling about twelve times the number of shares available. Interest came from technology, fintech, and emerging market investors.

PicPay representatives have not provided additional comments regarding the IPO.

About PicPay and the Batista Family

Founded in 2012 as a digital wallet, PicPay has since evolved into a full-service bank, serving approximately 67 million customers as of December. The Batista family, who also control JBS NV—the world’s largest meat processing company—acquired PicPay in 2015.

The company, which holds a banking license in Brazil, caters to both individual clients and small to mid-sized businesses. It is part of the Batista family's diverse investment portfolio, which spans sectors such as mining and energy, in addition to their roots in the meat industry.

Financial Performance and Shareholder Structure

For the nine months ending September 30, PicPay reported a net profit of 270.4 million reais (approximately $52 million) on revenues of 7.26 billion reais. This compares to a net income of 150.8 million reais and revenues of 3.78 billion reais during the same period the previous year.

Following the IPO, the Batista family is expected to retain 98% of the company’s voting rights. The offering is anchored by Bicycle, a growth equity fund led by former SoftBank Group executives, including Bolivian billionaire Marcelo Claure, which plans to purchase $75 million in shares.

IPO Details

The IPO was managed by Citigroup Inc., Bank of America Corp., and Royal Bank of Canada. PicPay shares are set to begin trading on the Nasdaq Global Select Market under the ticker symbol PICS.

Reporting assistance provided by Julia Leite.

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