Investment Review №336. Choosing a direction
Yerlan Abdikarimov
Head of Financial Analysis Department at Freedom Broker
IPO of PicS N.V. Brazilian Digital Bank
PicS N.V. filed for an initial public offering on January 5, 2026. The company operates a digital banking platform in Brazil. Citigroup, BofA Securities, RBC Capital Markets, Mizuho, and Wolfe Nomura Alliance are serving as underwriters for the offering.
| Issuer | PicS N.V. |
| Ticker | PICS |
| Exchange | NASDAQ |
| Underwriters | Citigroup, BofA Securities, RBC Capital, Mizuho, Wolfe Nomura Alliance |
Investment potential
- Company Profile. PicS, which operates under the PicPay brand, provides a digital financial platform in Brazil serving consumers as well as small- and medium-sized enterprises. As of September 30, 2025, the company’s payment network had 42 million active users and approximately 812,000 active businesses, with deposits totaling R$26.7 billion. PicPay’s services include digital wallets and banking solutions such as Pix transfers, P2P payments, bill pay, cards, lending, insurance, and investment products. The platform also operates PicPay Shop, advertising services, and merchant acquiring through QR codes, e‑commerce, POS terminals, and contactless payments.The company plans to raise about $500 million through its upcoming IPO.
- Potential Market. The company estimates its total addressable market (TAM) in 2026 at more than R$596 billion, spanning digital wallets and banking services (R$20 billion), cards (R$184 billion), consumer lending (R$353 billion), and other segments including insurance and investments (R$39 billion).
- Financial Performance. The company reported 61% growth in 2024 and 91.96% growth over the first nine months of 2025. Net profit margins have shown steady improvement, rising from 1% in 2023 to 5% in 2024, before moderating slightly to 4% for the first nine months of fiscal 2025.