PicS NV, widely known as PicPay, completed a U.S. initial public offering that generated $434 million in proceeds by selling 22.86 million shares at $19 each - the top point of its marketed price range. The shares were originally marketed within a $16 to $19 range before being set at the highest indicated price.
Founded in 2012 as a digital wallet, PicPay has since broadened its product mix and positioning into a full banking operation. The company reported it had approximately 67 million clients as of December.
The company is under the control of the Batista family, which acquired PicPay in 2015 and also controls JBS NV. That ownership structure is a prominent feature of the company of its public listing narrative.
PicPay reported a sizable acceleration in revenue and profitability in the nine months ended September 30. For that period the company recorded net income of 270.4 million reais on revenue of 7.26 billion reais. By comparison, in the same nine-month span a year earlier it reported net income of 150.8 million reais on revenue of 3.78 billion reais.
The reported figures illustrate a notable year-over-year expansion in both the top and bottom lines within the nine-month window presented. The IPO proceeds and the public listing provide PicPay with new access to capital markets, while the company continues to operate under the Batista family's control.
Context and market implications
PicPay 's listing brings a sizable Brazilian fintech to U.S. public markets, reflecting continued investor interest in digital payment and banking platforms. The financial figures the company disclosed for the nine months through September show rapid revenue growth and higher net income versus the prior-year period, supporting the IPO valuation that priced at the top of the marketed range.
Additional company disclosures - including how the proceeds will be allocated or forward guidance beyond the nine-month reporting window in the article - were not provided in the information presented here.