Agibank, the second Brazilian fintech to access US capital markets in recent weeks, announced on Wednesday that it had raised $240 million in its New York IPO.
In contrast to the most recent marketing range of $12 to $13 per share, the São Paulo-based digital bank sold 20 million shares for $12 apiece during its scaled-back IPO.
The corporation had drastically lowered the offering’s price range and the amount of the planned agreement a day earlier.
Based on the outstanding shares mentioned in its prospectus, Agibank was valued at $1.92 billion at the IPO.
Later on Wednesday, the company is anticipated to start trading on the New York Stock Exchange under the ticker “AGBK.”
According to local media outlet InfoMoney, Goldman Sachs, Morgan Stanley, and Citigroup are the global coordinators of the IPO, with the syndicate also including Bradesco BBI, BTG Pactual, Itaú BBA, Santander, Société Générale, and XP, as well as Oppenheimer & Co. and Susquehanna Financial Group.
Mixed signals for Brazil’s IPO window
The offering coincides with the reopening of the Brazilian stock market window in 2026 following a period of decline.
That momentum could be slowed, though, by another digital bank’s poor aftermarket trading.
Last month, PicPay, which the billionaire Batista family owns, went public in New York, becoming the first Brazilian company to float on the stock exchange in over four years.
The stock has dropped around 20% from the offer price since its launch, which has raised questions about investor interest in future listings.
Agibank proceeded with its offering in spite of these obstacles, becoming the second Brazilian fintech to gain access to US capital markets in recent weeks.
Delayed domestic plans, shift to US listing
In 2018, Agibank first intended to go public in Brazil.
As the business found it difficult to draw in investors during a contentious election year, its plans came to a standstill. Later on, it decided to go for a US listing.
Marciano Testa, a college student at the time, established Agiplan in 1999 with an emphasis on underprivileged populations, marking the beginning of the company.
The company developed into a digital banking platform over time.
Revenue growth and recent investment
Agibank anticipates that total revenue for the year that ends on December 31 will increase from 7.28 billion reais to between 10.55 billion reais ($2.03 billion) and 10.7 billion reais.
At a valuation of 9.3 billion reais, the company received an investment of 400 million reais from the Brazilian private equity fund Lumina Capital Management in 2024.
Big banks organise an offering
The IPO is being coordinated globally by Citigroup, Morgan Stanley, and Goldman Sachs.
Despite previous listings highlighting the ambiguous reception for emerging fintech firms, Agibank’s emerging York debut represents restored access to capital markets for Brazilian issuers.
After years of little activity, Agibank’s launch represents a tentative reopening of the market for Brazilian corporations looking to list.
The transaction demonstrates that domestic fintechs may still obtain foreign funding, but the recent listings’ poor performance and lower pricing also imply that investor appetite is still brittle, making future offerings a crucial litmus test for the industry.
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