I recommend not buying shares of PicPay (NASDAQ: PICS ) which had an IPO a few days ago. In this article, I analyze PicPay's IPO, business model, corporate governance, finances and valuation. It is worth noting that I haveMore than 7 years of experience in equity analysis in LatAm. We provide our clients with in-depth research and insights to help them make informed investment decisions.Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no ...

After moving credit products onto its own balance sheet in late 2022, PicPay now tracks progress through product-level customer satisfaction and deeper use of lending across its existing base.CEO Eduardo Chedid says PicPay’s strategy centers on repairing “broken journeys” in payments and credit by using wallet data and account aggregation to improve underwriting.PicPay’s U.S. IPO comes as Brazil reaches roughly 94% digital adoption, giving FinTechs a broad base for wallet-driven financial services.Watch mor ...

Summary of Key Points Core Viewpoint - Six new stocks entered the US capital market on January 29, 2026, raising approximately $1.783 billion, with three additional companies set to list that evening, all of which are SPACs [1]. Group 1: Newly Listed Stocks - **York Space System (YSS)**: - Opened at $38 per share, up 11.76% from the offering price, but closed at $33.61, down 1.15%, with a total market capitalization of $4.201 billion [2]. - Issued 18.5 million shares at $34 each, raising $629 million. The company provides end-to-end critical solutions for space missions in the aerospace and defense sectors, reporting $281 million in revenue and a net loss of $56.04 million for the first nine months of 2025 [4]. - **Ethos Technologies (LIFE)**: - Opened at $19 per share, unchanged from the offering price, and closed at $16.85, down 11.32%, with a total market capitalization of $1.061 billion [5]. - Issued 10.53 million shares at $19 each, raising $200 million. The company operates a technology platform connecting consumers, agents, and insurance companies, reporting $277 million in revenue and a net profit of $46.59 million for the first nine months of 2025 [7]. - **Picpay (PICS)**: - Opened at $19.5 per share, a slight increase of 2.63%, and closed at $19, with a total market capitalization of $2.462 billion [7]. - Issued 22.86 million shares at $19 each, raising $434 million. The company serves the Brazilian market across various sectors, reporting $1.122 billion in revenue and a net profit of $59 million for the first nine months of 2025 [10]. Group 2: SPACs - Three SPACs listed: - **Xsolla SPAC 1 (XSLLU)** raised $200 million, targeting the video game industry and related sectors [10]. - **United Acquisition I (UACU)** raised $100 million, with no specific acquisition target yet identified, focusing on companies with strong management and competitive advantages [10]. - **K2 Capital Acquisition (KTWOU)** raised $120 million, concentrating on humanoid robotics, physical AI, and advanced energy sectors, particularly small modular nuclear reactors [10].

周四，Picpay NV(PICS.US)登陆美股市场，开盘涨0.26%，报19.02美元。IPO价格为19美元。这家公司 是一家总部位于巴西圣保罗的数字银行与支付科技平台，最初由移动支付钱包起家，现已发展成为一个 提供多种金融服务的数字银行与支付生态系统，包括个人钱包、二维码支付、信贷、保险、投资及企业 收单服务等业务，服务用户超过6,600万。 ...

智通财经APP获悉，周四，Picpay NV(PICS.US)登陆美股市场，开盘涨0.26%，报19.02美元。IPO价格为 19美元。这家公司是一家总部位于巴西圣保罗的数字银行与支付科技平台，最初由移动支付钱包起家， 现已发展成为一个提供多种金融服务的数字银行与支付生态系统，包括个人钱包、二维码支付、信贷、 保险、投资及企业收单服务等业务，服务用户超过6,600万。 ...

Core Insights - Shares of PicPay, controlled by the billionaire Batista family, increased by 2.6% during their Nasdaq debut, leading to a valuation of $2.53 billion for the Brazilian digital bank [1] Company Overview - PicPay is a Brazilian digital bank that has recently made its debut on the Nasdaq stock exchange [1] - The company is under the control of the Batista family, known for their significant wealth and influence in Brazil [1] Market Performance - The initial public offering (IPO) saw a 2.6% rise in share price, indicating positive market reception [1] - The valuation of $2.53 billion reflects investor confidence in the company's growth potential within the digital banking sector [1]

Company Overview - Brazilian FinTech PicPay has successfully raised $434 million in its U.S. initial public offering (IPO) [1] - The company sold 22.8 million shares at $19 each, achieving the high end of its target price range, and is set to begin trading on Nasdaq [2] - The IPO values PicPay at $2.5 billion, marking a significant move for its owners, Wesley and Joesley Batista, who are also looking to list their global meatpacking business JBS in the U.S. market [2] Industry Context - The IPO occurs during a resurgence of funding in the Latin American FinTech space, particularly from venture capital, which has facilitated ongoing financial innovation [4] - Digital wallets, account-to-account transfers, and real-time payment systems are increasingly replacing cash, modernizing commerce and enhancing access to formal financial services [5] - By 2030, digital payments are expected to account for approximately two-thirds of eCommerce transaction value and nearly half of point-of-sale value in Latin America, indicating a structural shift in consumer behavior [5] Brazil's Digital Payment Landscape - Brazil is leading the region in digital payments, with 61% of Brazilian consumers using mobile phones for retail purchases, the highest rate among surveyed countries [5] - The infrastructure supporting this behavior includes Pix, Brazil's government-backed real-time payment system, which processed 64 billion transactions in 2024, surpassing combined debit and credit card volumes [6] - Additionally, Brazil-based digital bank Inter has received regulatory approval to operate in the U.S., further expanding the country's financial services landscape [6]

PicS将成为自2021年Nu Holdings(NU.US)募资26亿美元以来，首家完成赴美IPO的巴西公司。据悉， PicS以PicPay为名运营，在巴西为消费者和中小企业提供数字金融服务平台。截至2025年9月30日，其 季度活跃消费者达4200万，约81.2万家活跃企业接受其支付网络。其提供的服务包括钱包和银行业务， 如Pix即时支付、个人对个人转账、账单支付、卡类业务、贷款、保险和投资等。该平台还运营PicPay Shop(购物)、PicPay Ads(广告)业务，并通过二维码、电子商务、销售点终端和手机非接支付等方式提 供商户收单服务。数据显示，该公司在截至2025年9月30日的12个月营收为17亿美元。 智通财经APP获悉，巴西数字银行平台运营商PicS(PicPay)首次公开募股(IPO)定价为19美元/股，位于此 前公布的定价区间16-19美元/股的高端。该公司将以该价格发行2290万股股票，筹集4.34亿美元。按发 行价计算，该公司市值为25亿美元，较此前预期高9%。该公司将于周四(1月29日)登陆纳斯达克，股票 代码为"PICS"。 ...

Core Insights - Brazilian digital bank PicPay, controlled by the billionaire Batista family, has made its debut on Nasdaq after raising $434 million in an initial public offering, marking the first new stock listing by a Brazilian company in 2023 [1] Company Summary - PicPay is a digital banking platform that has gained significant attention in Brazil, reflecting the growing trend of digital financial services in the region [1] - The IPO raised a substantial amount of $434 million, indicating strong investor interest and confidence in the company's growth potential [1] Industry Summary - The listing of PicPay on Nasdaq highlights the increasing presence of Brazilian companies in international markets, particularly in the tech and financial sectors [1] - This event may signal a broader trend of digital banks seeking to expand their reach and capitalize on the growing demand for fintech solutions globally [1]

Company Overview - PicPay is one of the largest digital banks in Brazil by number of customers, offering a range of financial products and services including digital wallets, credit cards, loans, "Buy Now Pay Later" (BNPL), investments, and insurance [6] - As of the third quarter of 2025, PicPay serves over 66 million customers, with 42 million active users [6] - The company reported an annualized return on equity (ROE) of 17.4% in the third quarter of 2025 [6] - For the first nine months of 2025, PicPay recorded total revenue and financial income of R$7.3 billion (approximately US$1.37 billion) and a net profit of R$313.8 million (approximately US$59 million) [6] - As of September 30, 2025, consumer deposits held by PicPay amounted to R$27 billion (approximately US$5 billion) [6] Initial Public Offering (IPO) Details - PicPay announced the pricing of its initial public offering, consisting of 22,857,143 Class A common shares at a public offering price of US$19.00 per share [1] - The Class A common shares are expected to begin trading on the Nasdaq Global Select Market under the symbol "PICS" on January 29, 2026 [1] - Prior to the closing of the offering, PicPay plans to change its name from Picpay Holdings Netherlands B.V. to PicS N.V., effective on Nasdaq on January 30, 2026 [1] - The underwriters have been granted a 30-day option to purchase up to an additional 3,428,572 Class A common shares at the initial public offering price [2]