Brazilian digital banking platform operator PicS (PicPay) announced its IPO terms on Tuesday, revealing plans to raise $400 million by offering 22.9 million shares, with a price range set between $16 and $19 per share.
Based on the midpoint of the proposed price range, PicS (PicPay) would achieve a fully diluted market valuation of $2.3 billion.
Anchor investors Bicycle Fund and Claure Group have expressed their intent to purchase shares worth $75 million, accounting for approximately 19% of the total offering.
PicS is poised to become the first Brazilian company to complete a U.S. IPO since Nu Holdings (NU) raised $2.6 billion in 2021.
The Brazilian stock market has demonstrated robust performance recently, with the BOVESPA index climbing 34% over the past year.
Operating under the PicPay brand, PicS provides a digital financial services platform for Brazilian consumers, who contributed 76% of its net revenue in the first nine months of 2025, and small to medium-sized enterprises, which accounted for 18%.
As of September 30, 2025, the platform boasted 42 million quarterly active users and had approximately 812,000 active merchants connected to its payment network.
Its product portfolio includes wallet and banking services, covering Pix (Brazil's instant payment system), P2P transfers, bill payments, cards, loans, insurance, and investments.
Furthermore, the platform operates PicPay Stores, an advertising business, and an acquiring segment that includes QR codes, e-commerce, POS terminals, and Tap on Phone solutions, which contributed 5% of net revenue for the first nine months of 2025.
Founded in 2012, PicS (PicPay) generated revenue of $1.7 billion over the twelve months ended September 30, 2025.
The company plans to list on the Nasdaq under the ticker symbol "PICS".
Citigroup, BofA Securities, RBC Capital Markets, Mizuho Securities, Nomura, WR Securities, Bradesco BBI, BB Securities, BTG Pactual, and XP Investimentos are acting as joint bookrunners for the offering.
The stock is expected to price during the week of January 26, 2026.