By Brazil Stock Guide – PicPay began trading on the Nasdaq Global Select Market on Jan. 29 after Joesley and Wesley Batista rang the opening bell, formalizing one of the most closely watched Brazilian fintech listings since global tech valuations reset after the pandemic. The company priced its initial public offering at $19 per share, valuing the business at approximately $2.6 billion on a post-money basis and raising about $434 million in gross proceeds.
The offering consisted of 22.86 million Class A common shares, with underwriters holding a 30-day option to purchase up to an additional 3.43 million shares. Despite the dilution, the Batista brothers — who control PicPay through J&F Investimentos — will retain 71% of the company’s capital, supported by a dual-class share structure that concentrates voting power.
Control Intact
The opening-bell ceremony underscored the transaction’s central design: access international capital markets without relinquishing control. That structure reflects a familiar blueprint among Brazilian issuers listing offshore, combining foreign liquidity with tight governance held at the shareholder level.
Ahead of the debut, the company completed a corporate reorganization, changing its legal name from PicPay Holdings Netherlands B.V. to PicS N.V., aligning its corporate identity with Nasdaq standards and global investor expectations.
CEO Remarks
Speaking briefly during the ceremony, Chief Executive Officer Eduardo Chedid framed the listing as a continuation rather than a culmination. PicPay, he said, “was founded in 2012 as a digital wallet that pioneered instant payments in Brazil, long before real-time payments became standard,” and has since evolved into one of the country’s largest digital banks.
“Listing on Nasdaq is not the finish line — it’s just the beginning of a new chapter,” Chedid said, adding that the company’s growth has been driven by scale, efficiency and profitability, alongside what he described as a mission to simplify customers’ relationship with money.
A Measured Bet on Fintech
PicPay’s debut comes as investors cautiously re-engage with fintech IPOs after nearly three years of muted issuance. Demand has increasingly favored companies with large user bases, clearer monetization paths and disciplined expansion. PicPay enters the market positioned less as a speculative growth play and more as a scale-driven consumer finance platform.
That balance is reflected in pricing. The $2.6 billion valuation signals confidence in Brazil’s digital finance ecosystem while remaining well below pandemic-era multiples, when growth expectations — and risk tolerance — were significantly higher.
Syndicate Signals
Citigroup, BofA Securities and RBC Capital Markets acted as joint global coordinators. Mizuho, Wolfe | Nomura Alliance, Bradesco BBI, BB Securities, BTG Pactual and XP Investment Banking served as joint bookrunners, with FT Partners acting as co-manager — placing the transaction firmly within the global fintech advisory circuit.
A Market Barometer
More than a liquidity event, PicPay’s Nasdaq debut functions as a stress test for Brazilian consumer-tech stories abroad. Its aftermarket performance will help determine whether global investors are again willing to back emerging-market platforms — provided valuations stay grounded, scale is proven and control structures are clearly defined.
More than a liquidity event, PicPay’s Nasdaq debut functions as a stress test for Brazilian consumer-tech stories abroad. The offering also adds momentum to Brazil’s fintech pipeline, with Agibank expected to pursue a Nasdaq listing as well, potentially extending the reopening of the IPO window for Brazilian digital lenders.d and valuations remain grounded.
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