Brazilian digital bank PicPay, controlled by the billionaire Batista family, debuted on Nasdaq on Thursday after raising $434 million in an initial public offering, the first new stock listing by a Brazilian company in more than four years.
Founded in 2012 and acquired three years later by J&F Investimentos, the holding company behind New York-listed meatpacker JBS, PicPay sold 22.86 million shares on Wednesday at $19 each, and trades under the ticker symbol PICS.
The offering, which implies about a 21% dilution for existing shareholders, valued the company at about $2.6 billion, according to Brazilian business media Valor Economico.
The firm also granted underwriters a 30-day option to buy additional shares at the IPO price, potentially increasing the deal to about $500 million.