The reduction in supply and price range allowed Agibank to proceed with its IPO on the New York Stock Exchange. According to NeoFeed , the order book closed with real demand eight times higher.
With the change in the price range – from US$15-18 to US$12-13 – Agibank managed to attract eight long-only funds from the East and West Coasts of the United States, Europe, the Middle East, and Asia to its IPO.
The revised offering came amid a sell-off of software and fintech companies in the United States over the past two weeks, which led to several IPO postponements in the US . When it launched the offering, Agibank planned to raise US$903 million , considering the extra allotment at the top of the previous price range.
According to a source, the tide turned last week, referring to the good times surrounding PicPay 's IPO, which took place at the end of January and raised US$490 million.
Due to this new environment, Agibank reduced the number of shares to be sold from 43 million to 20 million, making the offering exclusively primary. The secondary tranche, which would have provided a partial exit for Lumina Capital, Vinci Compass , and some Agibank executives, was canceled.
Now, the offering coordinators (Goldman Sachs, Morgan Stanley and Citigroup, in addition to Bradesco BBI, BTG Pactual, Itaú BBA, Santander, Société Générale and XP) are deciding the share price, which will begin trading on Nasdaq on Wednesday, February 11.
The expectation is that the reduction in the share price will boost the stock on its first day on the New York Stock Exchange.
