Company Overview - PicPay is targeting a valuation of up to $2.46 billion in its upcoming U.S. initial public offering (IPO) [1] - The company aims to raise up to $434.3 million by offering approximately 22.9 million shares priced between $16 and $19 each [1] - Founded in 2012, PicPay is one of the largest digital banks in Brazil, with 42 million active consumers as of September 30 [3] IPO Context - PicPay previously attempted a U.S. listing in 2021 but abandoned the plan due to unfavorable market conditions [2] - The Brazilian IPO market has been subdued in recent years, primarily due to high interest rates affecting investor appetite [2] - The last significant IPO from Brazil was by digital lender Nubank, which went public in the U.S. in 2021 [2] Business Evolution - Initially focused on payments and QR codes, PicPay has expanded its offerings to include financial products such as credit cards, insurance, and buy now, pay later services [4] - Bicycle Capital, a growth equity firm focused on Latin America, is anchoring the IPO with plans to purchase $75 million worth of PicPay shares [4] - Citigroup, BofA Securities, and RBC Capital Markets are serving as joint global coordinators for the IPO, which aims to list on Nasdaq under the symbol "PICS" [4]
Brazilian digital bank PicPay targets $2.5 billion valuation in US IPO