New York - PicPay 's IPO has surprised even the banks coordinating the public offering. NeoFeed has learned that demand for the company's shares has already exceeded the book by 12.9 times, and it hasn't closed yet – something that should happen in the next few hours.
The offering was estimated at US$460 million, and to date, PicPay has received demand exceeding US$5.9 billion.
Sources following the process said that foreign banks such as GIC, BlackRock, Columbia, and Fidelity, as well as Brazilian banks like Itaú and SPX, are participating in the offering. And, likely, PicPay will offer the hot issue due to high demand.
A banker following the process told NeoFeed that, in addition to the company being prepared for the IPO, the market is also excited about the prospects of digital banks, citing the examples of Inter and Nubank, also traded on Nasdaq, which have appreciated by 16.3% and 11.2%, respectively, since the beginning of this year.
PicPay's IPO has also been seen as a boost for Brazilian companies. After all, no Brazilian company has gone public, either in Brazil or abroad, since 2021.
“Foreign investors are looking at assets in emerging markets,” an investment banker told NeoFeed . “This year, the market for follow-on offerings and IPOs should move something in the range of R$ 25 billion,” another market professional recently told the news outlet.
The explanation for this is that foreign investors will continue buying Brazilian assets in 2026, amidst global geopolitical tensions; many companies with fund investments need to renew their cap tables ; the Ibovespa stock index is expected to continue appreciating; and interest rates are anticipated to begin falling.
