AGI (Agibank), a Brazilian digital bank providing social security-backed loans to underserved customers, slashed the proposed deal size for its upcoming IPO on Tuesday, reflecting poor trading from close peer and recent IPO PicPay (-20% from IPO).
The Campinas, Brazil-based company now plans to raise $250 million by offering 20 million shares at a price range of $12 to $13, and the overallotment will now be all primary instead of all secondary. The company had previously filed to offer 43.6 million shares at a range of $15 to $18. At the midpoint of the revised range, Agibank will raise -65% less in proceeds than previously anticipated and command a fully diluted market value of $2.0 billion (-34% vs. original midpoint).
Agibank was founded in 1999 and booked $1.1 billion in sales for the 12 months ended September 30, 2025. It plans to list on the NYSE under the symbol AGBK. Goldman Sachs, Morgan Stanley, Citi, Bradesco BBI, BTG Pactual, Itau BBA, Santander, Societe Generale, and XP Investimentos are the joint bookrunners on the deal. It is expected to price during the week of February 9, 2026.
