Agibank raised $240 million in the US market’s second IPO by a Brazilian fintech this year but only after cutting the size of the placement by more than half and lowering the offer price hours before launching the deal.
The company sold 20 million shares at $12 each in a primary offering on the New York Stock Exchange on Tuesday. It had originally planned to place 43.6 million shares at $15 to $18 each, with the aim of raising as much as $828 million, including a secondary offering of shares.
Goldman Sachs, Morgan Stanley and Citibank coordinated the transaction.
The much-anticipated IPO came in the wake of Picpay’s listing on the Nasdaq stock exchange late last month, which was the first IPO of a Brazilian company in four years. PicPay’s shares subsequently dropped by nearly 20% on Nasdaq, which may have contributed to the revaluation of Agibank’s US debut.
Founded in 2000, the company initially planned to make its stock market debut in 2018 but shelved the plan due to market conditions at the time.
Founder Marciano Testa has a 70% stake in Agibank, while Brazilian investment companies Vinci Compass and Lumina Capital own 19% and 4% stakes respectively.