PicS (PicPay), which operates a digital banking platform in Brazil, announced terms for its IPO on Tuesday.
The São Paulo, Brazil-based company plans to raise $400 million by offering 22.9 million shares at a price range of $16 to $19. At the midpoint of the proposed range, PicS (PicPay) would command a fully diluted market value of $2.3 billion. Anchor investors Bicycle Fund and Claure Group have indicated on $75mm worth of shares (19% of the deal).
PicS should be the first Brazilian company to complete a US IPO since 2021, when Nu Holdings (NU) raised $2.6 billion. Brazil's stock market has had an impressive rally recently, with the BOVESPA Index up 34% over the past year.
PicS, operating under the name PicPay, provides a digital financial services platform in Brazil for consumers (76% of 9mo25 net revenue) and SMEs (18%), catering to both consumers and businesses, with 42 million quarterly active consumers and about 812,000 active businesses accepting its payments network as of September 30, 2025. Its offerings include wallet and banking services including Pix, P2P, bill pay, cards, loans, insurance and investments. The platform also runs PicPay Shop, Ads, and merchant acquiring (5% of 9mo25 net income) across QR, e-commerce, POS, and Tap on Phone.
PicS (PicPay) was founded in 2012 and booked $1.7 billion in revenue for the 12 months ended September 30, 2025. It plans to list on the Nasdaq under the symbol PICS. Citi, BofA Securities, RBC Capital Markets, Mizuho Securities, Nomura Securities, WR Securities, Bradesco BBI, BB Securities, BTG Pactual, and XP Investment Banking are the joint bookrunners on the deal. It is expected to price during the week of January 26, 2026.
