PicS (PicPay), which operates a mobile payments app in Brazil, withdrew its plans for an initial public offering on Wednesday. It originally filed in April 2021 with a proposed deal size of $100 million. The company had not updated its prospectus since May 2021.
The São Paulo, Brazil-based company was founded in 2012 and booked $94 million in revenue for the 12 months ended March 31, 2021. It had planned to list on the Nasdaq under the symbol PICS. BTG Pactual, Bradesco BBI, Santander, and Barclays were set to be the joint bookrunners on the deal.
