Brazilian fintech Agibank has reduced its U.S. IPO by over 50% and lowered the price range, planning to sell 20 million shares between $12 and $13 apiece, down from an earlier offer of 43.6 million shares between $15 and $18.

The downsized offering is a setback for the Brazilian IPO market, which had shown signs of revival in 2026 after a long downturn. Agibank’s move follows poor performance of rival PicPay, the first Brazilian company to list on NYSE in four years.

Agibank faced valuation pressure due to PicPay’s 20% post-IPO decline, prompting existing shareholders to retain their positions rather than sell at a lower valuation. The restructured IPO consists entirely of primary shares, potentially introducing stock overhang risk.

Agibank struggled to debut in Brazil in 2018 due to investor reluctance during a volatile election year. Six years later, the firm raised 400 million reais at a 9.3 billion reais valuation from Lumina Capital Management.

Agibank is set to begin trading on NYSE under the symbol “AGBK” on Wednesday, with Goldman Sachs, Morgan Stanley, and Citigroup serving as global coordinators for the offering.

Read more at Yahoo Finance: Brazil’s Agibank slashes US IPO size by over 50%, slices price range