New York - PicPay has just priced its Class A shares on Nasdaq. They will start trading at US$19, the target price for the digital bank, which will be traded under the ticker PICS. This values the company at US$2.6 billion.
NeoFeed had already reported that demand for the stock was very high , 12.9 times greater than the book, and that large funds such as Fidelity, BlackRock, and others were entering the company's cap table .
Because of this, PicPay offered an additional batch of 3,428,572 shares, the so-called hot issue . This allowed more investors to enter the market, betting on the company's growth and appreciation. In total, with the hot issue that can be exercised in 30 days, the company raised US$490 million.
With this initial public offering, the shareholding structure changes, but control remains in the hands of the J&F group. The Batista brothers' holding company will own 100% of the Class B shares, which grant the right to ten votes per share.
This will allow J&F to retain more than 90% of the voting shares. Sources close to the company say that the investors who joined had already been approached when PicPay attempted its IPO in 2021.
At the time, the company was unable to move forward with the plan, but it had given guidance on what it intended to do in the following years. "Many saw that they delivered on their promises. And that was crucial now," says a professional who attended the roadshows.
