Brazil's Agibank slashes US IPO size by over 50%
Feb 10 (Reuters) - Brazilian fintech Agibank has downsized its U.S. initial public offering by more than 50%, and now aims to raise up to $260 million, according to a regulatory filing on Tuesday.
The company now plans to sell 20 million shares, compared with roughly 43.6 million shares earlier. It has also lowered its target price to $12 to $13 per share from $15 to $18 apiece.
The downsizing comes as investors have turned cautious about new offerings following a sharp selloff in U.S. software and data-services stocks, driven by concerns that rapidly advancing artificial intelligence could disrupt existing business models.
Last month, another Brazilian digital bank PicPay, controlled by the billionaire Batista family, debuted on Nasdaq, valuing the company at $2.53 billion.
In 2018, Agibank was planning a stock market debut in Brazil, but the online lender struggled to lure investors during a volatile election year.
Goldman Sachs, Morgan Stanley and Citigroup are the global coordinators for the offering.
Agibank will list on the New York Stock Exchange under the symbol "AGBK".
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