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

SAO PAULO, Feb 11 (Reuters) - Agibank said on Wednesday it had raised $240 million in its New York initial public offering, the second Brazilian fintech to tap U.S. capital markets in recent weeks.

The Sao Paulo-based digital bank sold 20 million shares at $12 apiece in its scaled-back IPO, compared with the latest marketed range of $12 to $13 apiece.

Agibank on Tuesday had sharply reduced both the proposed deal size and the price range for the offering. The IPO valued Agibank at $1.92 billion, based on the outstanding shares listed in its prospectus.

The window for Brazilian companies to go public has opened in 2026 after a years-long downturn, but the poor aftermarket trading of digital bank PicPay PICS.O threatens to stall that momentum in the near-term.

PicPay, controlled by the ‌billionaire Batista ​family, went public in New York last month, marking the first stock market flotation by a Brazilian company ​in more than four years. The stock has plunged roughly 20% from the offer price.

Agibank had planned to go public in Brazil in 2018 , but struggled to lure investors during a volatile election year. It later opted to pursue a U.S. listing.

The ​company traces its roots to 1999, when Marciano Testa — then a college student — founded Agiplan, focused on underserved segments.

Agibank expects total revenue in the year ended December 31 to have risen to a range of 10.55 billion reais ($2.03 billion) to 10.7 billion reais, from 7.28 billion reais a year earlier.

In 2024, Brazilian private equity fund Lumina Capital Management invested ‍400 million reais in Agibank at a 9.3 billion reais valuation.

Agibank is expected to begin trading on the New York Stock Exchange under the symbol "AGBK" later on Wednesday.

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

($1 = 5.1961 reais)