PicS (PicPay), which operates a digital banking platform in Brazil, raised $434 million by offering 22.9 million shares at $19, the high end of the range of $16 to $19. Anchor investors Bicycle Fund and Claure Group had indicated on $75 million worth of shares (now 17% of the deal). At pricing, PicS commands a market value of $2.5 billion, 9% higher than previously anticipated.
PicS is 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 49% 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) plans to list on the Nasdaq under the symbol PICS. Citi, BofA Securities, RBC Capital Markets, Mizuho Securities, Nomura Securities, WR Securities, Bradesco BBI, Banco do Brasil, BTG Pactual, and XP Investimentos acted as joint bookrunners on the deal.
