Agibank could raise up to US$903.3 million in its initial public offering (IPO), considering the top of the estimated price range per share, according to the latest version of the prospectus filed on Thursday, January 29, with the Securities and Exchange Commission (SEC).
The valuation assumes the digital bank will successfully place its base offering of 43,636,364 Class A shares, with an additional allotment of 6,545,455 shares. The estimated price range is between US$15 and US$18, with the midpoint of the range being US$16.50, which would bring the total offering to US$828 million. According to a source cited by NeoFeed , the valuation is between 9.5 and 11.5 times earnings, considering the price range.
The operation will also involve the listing of Class B shares, which entitle the holder to 10 votes per unit, while Class A ordinary shares entitle the holder to one vote. The Class B shares will not be listed and will remain in the hands of Marciano Testa , founder and controller of Agibank.
Currently, Testa's stake in the bank is estimated at around 70%. Agibank's shareholders include Vinci Compass , with just over 19% of the capital, and Lumina, owned by Daniel Goldberg, with approximately 4%.
The shares will be listed on the New York Stock Exchange (NYSE) under the ticker symbol AGBK, with pricing scheduled for February 10.
The IPO details were released on the same day that PicPay debuted on Nasdaq, with expectations of replicating the results. The fintech company from J&F Investimentos saw demand for its shares exceed the book by 12.9 times. As a result, it exercised its hot issue and raised US$490 million.
Agibank launched the operation after reversing the suspension imposed by the INSS last year, which prevented it from receiving new payroll loan registrations, a blow to its main revenue stream.
In its prospectus, Agibank states that it intends to use the IPO proceeds for "general corporate purposes." The bank aims to reach R$ 100 billion in credit by 2030, a plan that includes expanding its physical presence in the country, reaching 2,500 units during that period, as executives revealed to NeoFeed at the end of 2024.
The bank also states that it may allocate part of the funds to "acquire or invest in companies, products, services or technologies".
Agibank reported a net profit of R$ 875.5 million in the first nine months of the year, a 35.4% increase compared to the same period in 2024. Return on average equity (ROAE) was 40.9% over the last 12 months.
The loan portfolio reached R$ 33.8 billion, a 54.3% increase year-on-year, while net revenue rose 54% to R$ 8.1 billion.
Agibank is being advised by Goldman Sachs , Morgan Stanley, Citi , Bradesco BBI , BTG Pactual , Itaú BBA , Santander , Société Générale, XP Investimentos , and Oppenheimer.
