IPO Overview

PicS, which operates under the consumer-facing brand PicPay, has announced the terms of its initial public offering as it prepares to enter the U.S. public markets. The São Paulo–based company plans to raise $400 million by offering 22.9 million shares at a proposed price range of $16 to $19 per share.

At the midpoint of the range, PicS would command a fully diluted market valuation of approximately $2.3 billion. The offering has already attracted anchor support, with Bicycle Fund and Claure Group indicating interest in $75 million worth of shares, representing about 19% of the total deal size.

Brazil-to-U.S. Listing Milestone

If completed, the transaction would mark the first Brazilian company to complete a U.S. IPO since 2021, when Nu Holdings raised $2.6 billion in its Nasdaq debut. The timing aligns with renewed momentum in Brazilian equities, with the BOVESPA Index up 34% over the past year, reflecting improving investor sentiment toward the region.

Platform and Revenue Mix

PicS operates a broad digital financial services ecosystem in Brazil, serving both consumers and small- and medium-sized enterprises. As of September 30, 2025, the platform reported 42 million quarterly active consumers and approximately 812,000 active businesses accepting payments through its network.

Consumers accounted for 76% of net revenue over the first nine months of 2025, while SMEs contributed 18%. The company’s offerings span wallet and banking services, including Pix instant payments, peer-to-peer transfers, bill payments, cards, lending, insurance, and investment products. In addition, PicS operates PicPay Shop, advertising services, and a merchant acquiring business across QR, e-commerce, POS, and Tap-on-Phone solutions, representing about 5% of net income for the period.

Financial Performance

Founded in 2012, PicS recorded $1.7 billion in revenue for the twelve months ended September 30, 2025. The scale of its revenue base places it among the largest fintech platforms to pursue a U.S. listing from Latin America in recent years.

Listing Details and Timing

PicS plans to list on the Nasdaq under the ticker symbol PICS. The IPO is being led by a global syndicate of underwriters, including Citigroup, BofA Securities, RBC Capital Markets, Mizuho Securities, Nomura Securities, Bradesco BBI, BTG Pactual, and XP Investment Banking, among others.

The company is expected to price the offering during the week of January 26, 2026, positioning PicS as one of the most closely watched international fintech IPOs of the early 2026 calendar.