Brazil’s PicPay Reaches $2.5 Billion Valuation in US IPO

Brazilian FinTech PicPay has raised $434 million in its U.S. initial public offering. The company announced Wednesday (Jan. 28) evening that it had sold 22.8 million shares at $19 each, the high end of its target price range. PicPay is set to begin trading on the Nasdaq Thursday (Jan. 29) morning. A report by the Financial Times (FT) notes that the IPO — which valued PicPay at $2.5 billion — is a pivotal move for owners Wesley and Joesley Batista, who have been seeking to list their global meatpacking business JBS on the American market.