PicPay, recognized as Brazil’s second-largest digital bank by customer count, has initiated its initial public offering (IPO) with a proposed offering of 22,857,143 Class A common shares, expected to be priced between US$16.00 and US$19.00 per share, with plans to list on the Nasdaq Global Select Market under the symbol “PICS.”
The offering includes an indication of interest from Bicycle Capital, a growth equity firm focused on Latin American businesses, and its affiliated entities, to purchase an aggregate of US$75,000,000 of Class A common shares at the initial public offering price. This indication of interest is non-binding and subject to change.
Citigroup, BofA Securities, and RBC Capital Markets are serving as joint global coordinators for the offering. Additional financial institutions involved as joint bookrunners include Mizuho, Wolfe | Nomura Alliance, Bradesco BBI, BB Securities Ltd, BTG Pactual, and XP Investment Banking, with FT Partners acting as co-manager. PicPay anticipates granting the underwriters a 30-day option to acquire up to an additional 3,428,572 Class A common shares at the IPO price, less underwriting discounts and commissions.
PicPay began its operations focusing on instant payments and QR codes. The company has since expanded its offerings to become a comprehensive digital bank, providing a suite of financial products and services. These include digital wallets, credit cards, loans, Buy Now Pay Later (BNPL) options, investments, and insurance solutions for both consumers and businesses.
Serving over 66 million customers across Brazil, PicPay reported 42 million active customers in the third quarter of 2025. For the first nine months of 2025, the company recorded total revenue and financial income of R$7.3 billion (approximately US$1.37 billion) and a net profit of R$313.8 million (approximately US$59 million). As of September 30, 2025, consumer deposits held by PicPay totaled R$27 billion (approximately US$5 billion), with an annualized return on equity (ROE) of 17.4% in the third quarter of 2025.
