AGI (Agibank), a Brazilian digital bank providing social security-backed loans to underserved customers, raised $240 million by offering 20 million shares at $12, the low end of the downwardly revised range of $12 to $13. On Tuesday, the company slashed the terms of its proposed IPO; AGI had originally filed to raise $720 million by offering 43.6 million shares at a range of $15 to $18.
AGI's US offering follows that of close peer PicPay (PICS), which went public two weeks ago; PICS traded flat on its first day, and closed yesterday 20.2% below its offer price.
AGI operates as a technology-driven provider of specialized financial services in Brazil, focusing on underserved segments such as social security beneficiaries and public and private sector workers. It serves 6.4 million active clients across 1,101 asset-light Smart Hubs, which are paperless and cashless, in 723 cities as of September 30, 2025. AGI offers loans and advances to individual customers (92% of 9mo25 net interest income), fixed income securities (8%), and loans to credit institutions (<1%). In 2025, Brazil's social security agency handed the company two temporary suspensions, citing contractual non-compliance, irregularities, and certain business practices.
The Campinas, Brazil-based company was founded in 1999 and 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 acted as joint bookrunners on the deal.
