PicPay Aims to Raise $400mln, Valuing Fintech at Over $2.5bln in US IPO

PicPay Holdings, a Brazilian fintech controlled by the billionaire Batista family, is seeking to raise over $400m in its US IPO. The company plans to sell 22.9m shares at $16-$19 each, valuing it at over $2.5bn. PicPay had a net income of $50.4m on revenue of $7.26bn in the nine months ending Sept. 30. The IPO is set to price on Jan. 28 and will be led by Citigroup, Bank of America, and Royal Bank of Canada.