By Brazil Stock Guide – Agibank has set an indicative price range for its initial public offering (IPO) in the United States, aiming to raise up to $785.5 million as the Brazilian lender taps global equity markets amid strong profitability and rapid credit expansion.
AGI Inc., the holding company controlling Agibank, filed a preliminary prospectus for an offering of about 43.6 million Class A shares, priced between $15 and $18 each. At the midpoint of $16.50, the deal would generate approximately $703.9 million in net proceeds after fees and expenses, according to the filing.
The company plans to debut on Nasdaq on February 11, with pricing expected the day before. The IPO would place Agibank among a growing group of Brazilian financial institutions seeking dollar funding and international visibility.
Control Preserved
The transaction adopts a dual-class share structure designed to preserve founder control. While Class A shares carry one vote per share and will be publicly traded, Class B shares carry ten votes each and will not be listed. After the offering, all Class B shares will remain with founder and controlling shareholder Marciano Testa.
Based on the prospectus assumptions and excluding any greenshoe exercise, Testa would retain roughly 92.4% of voting power while holding about 55% of the company’s total equity — a structure that prioritizes strategic continuity over dispersed governance.
Operational Scale
Operationally, Agibank reported 6.4 million active clients as of September 2025, supported by a nationwide network of 1,101 “Smart Hubs.” The model combines physical locations with digital onboarding, which the bank says lowers customer acquisition costs and strengthens credit origination in underserved regions.
The prospectus shows a loan portfolio of R$ 34.46 billion and total revenue of R$ 7.74 billion in the nine months through September. Net income reached R$ 831.7 million over the same period, translating into an annualized return on average equity of 39.1%.
Asset quality indicators remain relatively tight for a high-yield retail lender. Loans overdue by more than 90 days stood at 2.6%, while provisioning expenses amounted to 5.3% of the credit portfolio.
Use of Proceeds
Agibank said it intends to use IPO proceeds for general corporate purposes, including organic growth, potential acquisitions and strategic investments, although no binding transactions have been announced.
The deal comes as investor appetite for profitable emerging-market financial platforms shows signs of recovery, particularly for issuers able to demonstrate scale, strong returns and controlled credit risk.
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