PicPay (PICS) priced its IPO at $19.00 – the top of its range – and sold 22.86 million shares – the number in the prospectus – to raise $434.28 million on Wednesday night, Jan. 28, 2026 – in Brazil’s first IPO since 2021. PicPay’s stock is expected to start trading tomorrow – Thursday, Jan. 29, 2026 – on the NASDAQ. PicPay, based in Sao Paulo, had a market cap of $2.46 billion at pricing.
Citigroup, BofA Securities and RBC Capital Markets served as the global coordinators of the IPO. Mizuho and Wolfe Nomura Alliance were joint book-runners, along with a quartet of Brazilian investment banks – Bradesco BBI, BB Securities Ltd., BTG Pactual and XP Investment Banking.
The billionaire Batista brothers will control PicPay after the IPO. Their company, J&F Participações S.A., will own stock with about 96.4 percent of the combined voting power of PicPay’s outstanding stock, according to the prospectus.
Anchor investor Bicycle 1 LP, a limited partnership, had indicated an interest in buying $75 million of stock in the IPO.
PicPay, founded in 2012, is a holding company. PicPay is one of Brazil’s largest digital banking platforms with 42 million quarterly active consumers as of Sept. 30, 2025. On that date, slightly more than 800,000 active businesses accepted PicPay’s payments network.
PicPay traced its success to one idea that changed banking in Brazil for millions of people: “Our user-friendly solution allowed individuals to send money easily via their mobile phones any time of day, which caught the attention of millions of consumers. In just a few short years, we became one of Brazil’s leading digital wallets by number of consumers, according to information provided by the Brazilian Central Bank.”
PIcPay is profitable: The company earned net income of $74 million on revenue of $1.7 billion for the 12 months that ended Sept. 30, 2025, according to financial statements in the prospectus.
(For more information about this company, please check the IPO Calendar and the individual IPO Profile found on the IPOScoop.com website.)
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