Overview
- The digital bank priced 22.86 million shares at $19 per share and began trading under the ticker PICS.
- The offering valued the company at about $2.6 billion, with a 30-day overallotment that could lift proceeds to roughly $500 million.
- Bicycle Capital committed $75 million to the IPO, and Citigroup, Bank of America and Royal Bank of Canada led the deal.
- Brothers Wesley and Joesley Batista retain more than 90% of PicPay’s voting power through J&F Investimentos.
- The listing breaks a four-year drought for Brazilian IPOs and could encourage more U.S. debuts, with Agibank filing in New York as high local rates near 15% sap domestic equity demand.