Brazilian fintech Agibank raises $240 million in scaled-back US IPO

SAO PAULO, Feb 11 (Reuters) - Agibank said connected Wednesday it had raised $240 cardinal successful its New York archetypal nationalist offering, the 2nd ‌Brazilian fintech to pat U.S. superior markets successful caller weeks.

The Sao ‌Paulo-based integer slope sold 20 cardinal shares astatine $12 apiece successful its scaled-back IPO, compared with the ​latest marketed scope of $12 to $13 apiece.

Agibank connected Tuesday had sharply reduced some the projected woody size and the terms scope for the offering. The IPO valued Agibank astatine $1.92 billion, based connected the outstanding shares listed successful its prospectus.

The model for ‌Brazilian companies to spell ⁠public has opened successful 2026 aft a years-long downturn, but the mediocre aftermarket trading of integer slope PicPay threatens to ⁠stall that momentum successful the near-term.

PicPay, controlled by the billionaire Batista family, went nationalist successful New York past month, marking the archetypal banal marketplace flotation by a ​Brazilian institution ​in much than 4 years. The banal ​has plunged astir 20% from ‌the connection price.

Agibank had planned to spell nationalist successful Brazil successful 2018, but struggled to lure investors during a volatile predetermination year. It aboriginal opted to prosecute a U.S. listing.

The institution traces its roots to 1999, erstwhile Marciano Testa — past a assemblage pupil — founded Agiplan, focused connected underserved segments.

Agibank expects full ‌revenue successful the twelvemonth ended December 31 to ​have risen to a scope of 10.55 ​billion reais ($2.03 billion) to 10.7 ​billion reais, from 7.28 cardinal reais a twelvemonth earlier.

In 2024, ‌Brazilian backstage equity money Lumina Capital Management ​invested ‍400 cardinal reais ​in Agibank astatine a 9.3 cardinal reais valuation.

Agibank is expected to statesman trading connected the New York Stock Exchange nether the awesome "AGBK" aboriginal ​on Wednesday.

Goldman Sachs, Morgan Stanley ‌and Citigroup are the planetary coordinators for the offering.

($1 = 5.1961 reais)

(Reporting ​by Fernando Cardoso and Andre Romani and Arasu Kannagi Basil; ​Editing by Chris Reese and Maju Samuel)