PicPay to Price New York IPO at Top of Range, Source Reveals

• IPO priced at top of $16-$19 range with demand exceeding $4.5 billion, roughly 10x the target raise amount
• This represents the first Brazilian issuer to list in New York in four years, ending a significant drought
• PicPay previously attempted a U.S. listing in 2021 but withdrew due to unfavorable market conditions

PicPay IPO Summary

Key Development: Brazilian digital bank PicPay is set to price its U.S. IPO on Wednesday, January 28, at the top of its indicated range of $16-$19 per share, according to a source cited by Reuters.

Demand Metrics: The offering has attracted exceptional investor interest, with demand exceeding $4.5 billion—approximately 10 times the amount PicPay aims to raise, demonstrating strong oversubscription.

Market Significance: This transaction marks the return of Brazilian issuers to New York's public markets after a four-year absence, representing a notable milestone for Latin American capital markets access.

Company Background: PicPay ranks among Brazil's largest digital banks and previously attempted a U.S. listing in 2021, which was abandoned due to unfavorable market conditions at the time.

Market Implications:

• The strong demand signals renewed investor appetite for Brazilian fintech and digital banking assets
• Successful pricing at the range's upper end indicates confidence in emerging market fintechs despite previous market volatility
• May open the door for other Brazilian companies considering U.S. listings after the extended hiatus
• Demonstrates the maturation of Brazil's digital banking sector and its appeal to international institutional investors

The IPO's success could serve as a bellwether for Latin American tech companies seeking access to U.S. capital markets and may encourage similar transactions from regional peers. The 10x oversubscription rate particularly highlights strong institutional demand for high-growth fintech exposure in emerging markets.