PicPay estimates it could raise up to US$434.3 million in its initial public offering (IPO), according to the latest version of the prospectus filed Tuesday morning, January 20, with the Securities and Exchange Commission (SEC).

The document indicates that the bank, which belongs to the J&F holding company owned by brothers Wesley and Joesley Batista, plans to issue 22,857,143 Class A shares, with a price range varying from US$16 to US$19. Considering the midpoint of the range, at US$17.50, the company could raise US$412.2 million.

The fintech company's market capitalization will be between US$2.2 billion and US$2.6 billion at launch. Shares will be listed on Nasdaq under the ticker symbol "PICS".

The IPO is being anchored by Bicycle, an asset management firm owned by Marcelo Claure , former CEO of SoftBank and now a partner at eB Capital. Claure's firm has committed US$75 million.

The transaction will be 100% primary, diluting the current shareholders' stake. There will be two classes of shares, with J&F Participações holding 100% of the Class B shares, with ten votes per share, maintaining control over strategic decisions.

According to the prospectus, after the IPO, J&F will hold 23.5% of the Class A shares, in addition to all Class B shares, which will represent approximately 96.4% of the combined voting power, assuming that the subscribers' option to acquire additional Class A common shares is not exercised.

The funds raised will be used for working capital, operating expenses, compliance with regulatory requirements, technology investments, portfolio expansion, and acquisitions. In this last area, PicPay intends to use the funds to acquire the insurance company Kovr, which was controlled by Banco Master. The transaction still needs to be approved by the Administrative Council for Economic Defense (Cade) and the Superintendence of Private Insurance (Susep).

This is PicPay's second attempt to go public. In April 2021, the company, controlled by J&F, owned by the Batista family, also filed an IPO request on Nasdaq, which did not proceed due to adverse market conditions.

PicPay has 65.6 million open accounts and 42 million active customers as of September 2025, representing increases of 11.7% and 12.2% respectively compared to the same period last year. Deposits totaled R$ 26.7 billion, a 61% increase in 12 months. And the TPV (Total Payment Volume) reached R$ 392 billion in the first nine months of 2025, a 32% increase.

For the year to date, PicPay reported a net profit of US$314 million, an 82% increase year-on-year, with revenue rising 92% to R$7.2 billion. Return on equity (ROE) for the last 12 months ending in September reached 17.4%, above the 14.2% recorded in 2024.

The offering is being coordinated by Citi, the lead underwriter, Bank of America (BofA), and the Royal Bank of Canada (RBC).