Brazilian digital bank PicPay raised $434M in an initial public offering on Nasdaq, marking the first major Brazilian IPO on a US exchange in more than four years. PicPay sold 22.86 million shares at $19 each.
Founded in 2012 as a digital wallet, PicPay has expanded into a full-service digital bank in Brazil. PicPay is controlled by the Batista family, owners of JBS, the world’s largest meat producer, which acquired PicPay in 2015. After the offering, Wesley and Joesley Batista retain more than 90% of the company’s voting power.
The IPO stands as the most significant US listing by a Brazilian company since Nu Holdings went public in 2021. The transaction diluted existing shareholders by about 21% and valued PicPay at approximately $2.6B. Underwriters also received a 30-day option to purchase additional shares, which could raise total proceeds to about $500M.
PicPay reported 67 million customers as of December 2025. In the nine months ended September 30 of last year, the company generated net income of $52M on total revenue equivalent to $1.4B.
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