Brazilian digital bank PicS (PICS.US) IPO priced at $16-19 per share, aiming to raise $400 million.

Brazil-based digital banking platform PicS (PicPay) announced its IPO terms on Tuesday, planning to raise $400 million by issuing 22.9 million shares at a price range of $16 to $19 per share. At the midpoint of the proposed price range, PicS (PicPay) would have a fully diluted market value of $2.3 billion. Cornerstone investors Bicycle Fund and Claure Group have expressed interest in subscribing for $75 million worth of shares (approximately 19% of the total offering). PicS is poised to become the first Brazilian company to complete a U.S. IPO since Nu Holdings (NU) raised $2.6 billion in 2021. The Brazilian stock market has performed strongly recently, with the BOVESPA index rising 34% over the past year. Operating under the name PicPay, PicS provides a digital financial services platform for individual consumers (76% of net revenue in the first 9 months of 2025) and small and medium-sized enterprises (18%) in Brazil. As of September 30, 2025, the platform had 42 million quarterly active users and approximately 812,000 active merchants accessing its payment network. Its product offerings include wallets and banking services, covering Pix (Brazil's instant payment system), P2P transfers, bill payments, cards, loans, insurance, and investments. Additionally, the platform operates the PicPay store, advertising business, and acquiring business involving QR codes, e-commerce, POS terminals, and Tap on Phone payments (5% of net profit in the first 9 months of 2025). Founded in 2012, PicS (PicPay) recorded $1.7 billion in revenue in the twelve months ending on September 30, 2025. The company plans to list on NASDAQ under the ticker symbol PICS. Citigroup, Bank of America Securities, RBC Capital Markets, Mizuho Securities, Nomura Securities, WR Securities, Bradesco BBI, BB Securities, BTG Pactual, and XP Investment Bank are serving as joint bookrunners for the transaction. The stock is expected to be priced during the week of January 26, 2026.