Brazilian digital bank PicPay, backed by the Batista family, raised $434 million in an IPO and debuted on Nasdaq, the first Brazilian company to do so in four years. The offering valued PicPay at $2.6 billion, with underwriters having the option to buy more shares, potentially increasing the deal to $500 million.

Brothers Wesley and Joesley Batista, with over 90% voting power in PicPay, rebounded from a corruption scandal and expanded their empire across 20 countries. Bicycle Capital, led by former SoftBank executives, invested $75 million in the IPO. PicPay plans to focus on Brazil for the next few years, offering new app services like travel and food delivery.

The successful PicPay IPO may lead to more Brazilian offerings, with expectations of over 10 IPOs in 2026. Financial technology firm Agibank filed to list on the NYSE after Nubank’s successful IPO. Brazilian fintechs have seen success with U.S. listings due to favorable comparisons with global peers.

Despite high domestic debt yields, Brazilian IPOs may continue to favor New York over home markets. PicPay’s IPO showcased strong demand in the U.S., and experts predict more IPOs in the U.S. this year, potentially spurring demand in Brazil. The local market is expected to resume with large transactions in defensive sectors like infrastructure.

Read more at Yahoo Finance: PicPay IPO breaks four-year drought for Brazilian companies