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(Bloomberg) — PicS NV, the Brazilian fintech controlled by the billionaire Batista family, raised $434 million in a US initial public offering that was priced at the top of the marketed range, according to people familiar with the matter.
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PicPay, as the company is known, sold 22.86 million shares at $19 each, the people said, asking not to be identified as the information is private. The digital bank offered shares for $16 to $19.
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A representative for PicPay didn’t immediately respond to a request for comment.
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The IPO is the first sizable debut for a Brazilian company since December 2021, when Nu Holdings Ltd., the country’s biggest digital bank, went public on the New York Stock Exchange. Nubank, as the company is known, now has a $90.7 billion market value.
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Launched in 2012 as a digital wallet, PicPay now operates under a full banking model, with about 67 million clients in December. The Batista family, which controls JBS NV, the world’s largest meat producer, bought the firm in 2015.
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The fintech, which holds a banking license and operates in Brazil, does business with individuals and small and midsize companies in the country. It’s one of the diverse holdings of the billionaire Batista family, which built its fortune starting with JBS and now has stakes in industries from mining to energy.
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PicPay had net income of 270.4 million reais ($52 million) on revenue of 7.26 billion reais in the nine months ending Sept. 30, versus net income of 150.8 million reais on revenue of 3.78 billion reais in the corresponding period a year earlier, according to the filing.
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The Batistas are expected to have 98% of the voting power in the company after the offering, the filings show. Bicycle, a growth-equity fund run by former SoftBank Group Corp. executives including Bolivian billionaire Marcelo Claure, is expected to anchor the offering buying $75 million worth of shares.
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Citigroup Inc., Bank of America Corp. and Royal Bank of Canada led the offering. The shares are expected to trade on the Nasdaq Global Select Market under the symbol PICS.
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