PicPay files for IPO on Nasdaq

PicPay files for IPO on Nasdaq
Pickup is preparing to go public on the stock exchange. Credit: Rogerio Casimiro / Pickpe Disclosure

The Fintech pickup, set in Espírito Santo, was ordered to go public on the Nasdaq Stock Exchange in the United States on Wednesday (21). The date and amount the company intends to accompany the IPO (initial public offering) has not yet been defined.

The opening of the payment app capital will be coordinated by banks Bradesco BBI, BTG Pactual, Santander and Barclays, according to information from newspapers O Globo and Velor Aconico.

According to Valer, the transaction prospectus states that PicPay will hold A-class shares, which will be sold in the offer and give each one a right to vote; And a Class B paper, which would be entitled to ten votes each. It is a model that is common in technology companies going public in the United States, indicates the newspaper.

Installed in Espírito Santo, the application was sold to Banco Originals in 2019. However, after the new corporate restructuring and fintech, the bank no longer has a stake in PicPay, which is controlled by J & F, the holding company of the Batista family.

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The largest fintech in Brazil with around 40 million, PicPay is known to allow instant transfers between different accounts even before the central bank created Pix. There are over R $ 2 billion in transactions per month.

The company also provides services such as withdrawals, slip issuances and a profitability over CDI for those who have funds in their accounts.

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About the author: Sarah Gracie

Sarahis a reporter covering Amazon. She previously covered tech and transportation, and she broke stories on Uber's finances, self-driving car program, and cultural crisis. Before that, she covered cybersecurity in finance. Sarah's work has appeared in The Wall Street Journal, Bloomberg, Politico, and the Houston Chronicle.

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