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Brazilian digital bank PicPay is expected to price its U.S. initial public offering (IPO) on Wednesday.
PicPay's U.S. IPO is expected to price at the top of the $16–$19 per share range.
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Demand for PicPay's IPO has exceeded $4.5 billion, ten times the target raise.
The IPO would give PicPay a market valuation between $2.2 billion and $2.6 billion.
This marks the first Brazilian IPO in New York after a four-year hiatus.
PicPay previously canceled a 2021 U.S. listing due to unfavorable market conditions.
SAO PAULO, Jan 28 (Reuters) - Brazilian digital bank PicPay is expected to price its U.S. initial public offering (IPO) on Wednesday at the top of the indicated price range of $16 to $19 per share, a source familiar with the matter said.
Demand for the transaction, which marks the return of Brazilian issuers to New York after a four-year drought, has already exceeded $4.5 billion, or roughly ten times the amount the company aims to raise, the source added.
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The oversubscribed IPO would give the company, backed by the billionaire Batista family, a market valuation of $2.2 billion to $2.6 billion, according to the source.
Newspaper Valor Economico first reported the information earlier on Wednesday.
PicPay did not immediately respond to a request for comment.
One of Brazil's largest digital banks, PicPay had previously pursued a U.S. listing in 2021 but dropped that plan due to market headwinds.