Brazilian digital bank PicPay has officially launched its initial public offering (IPO), targeting a valuation of $2.5bn. 

The company seeks to raise up to $434.3m in the offering. 

It plans to list its shares on the Nasdaq Global Select Market under the ticker symbol ”PICS”.  

Earlier this month, the Sao Paulo-headquartered company filed a registration statement registration with the US Securities and Exchange Commission for the IPO. 

The offering consists of around 22.9 million Class A common shares, priced between $16 and $19 each.  

Bicycle Capital, along with related entities described as anchor investors, has indicated a non-binding intention to purchase up to $75 million of stock at the IPO price.  

These expressions of interest do not obligate either party to complete any purchases. 

Citigroup, BofA Securities, and RBC Capital Markets are the primary coordinators for the deal. Mizuho, Wolfe | Nomura Alliance, Bradesco BBI, BB Securities, BTG Pactual and XP Investment Banking join as bookrunners, with FT Partners as co-manager. 

The company will also provide underwriters with a 30-day option to acquire up to an additional 3,428,572 shares at the initial price, excluding underwriting discounts and commissions. 

PicPay is Brazil’s second-largest digital bank by customer base. 

The company began by focusing on instant payments and QR code transactions before expanding its services to include digital wallets, credit cards, loans, Buy Now Pay Later options, investment products and insurance for individuals and businesses.  

The platform counted more than 66 million registered users nationwide by the third quarter of 2025, of whom 42 million were active in that period. 

For the first nine months of 2025, PicPay reported combined revenue and financial income of $7.3bn reais (approximately $1.37bn) and a net profit of $313.8m reais (around $59m).