US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>PicS delivers rapid revenue growth, expanding profitability, and increasing user engagement, reinforcing its position as a leading Brazilian fintech platform.</li>
<li>Significant anchor orders and a roster of Latin America-focused underwriters provide early validation and stability for the offering.</li>
<li>The company’s scale, earnings momentum, and growth potential create an attractive risk-reward profile for investors entering the IPO.</li>
</ul>


PicS delivers rapid revenue growth, expanding profitability, and increasing user engagement, reinforcing its position as a leading Brazilian fintech platform.
Significant anchor orders and a roster of Latin America-focused underwriters provide early validation and stability for the offering.
The company’s scale, earnings momentum, and growth potential create an attractive risk-reward profile for investors entering the IPO.


PicS N.V. (PICS): Lat-Am Fintech's Surging Revenue, Strong Metrics to Test the IPO Market

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>Our initial PicPay report assumed a post-money IPO valuation of USD2.5bn; the disclosed price range implies an IPO valuation of USD2.07bn to USD2.53bn, with between USD365m and USD500m being raised</li>
<li>The key challenge we see for PicPay is credit quality; stage 3 loans to total loans have risen fast, despite secured loans accounting for 70%+ of the total</li>
<li>We believe that PicPay is more comparable to Banco Pan not Inter and certainly not Nubank; therefore, we see more appropriate IPO pricing at the bottom of the range (USD16)</li>
</ul>


Our initial PicPay report assumed a post-money IPO valuation of USD2.5bn; the disclosed price range implies an IPO valuation of USD2.07bn to USD2.53bn, with between USD365m and USD500m being raised
The key challenge we see for PicPay is credit quality; stage 3 loans to total loans have risen fast, despite secured loans accounting for 70%+ of the total
We believe that PicPay is more comparable to Banco Pan not Inter and certainly not Nubank; therefore, we see more appropriate IPO pricing at the bottom of the range (USD16)


PicPay Pre-IPO Revisited – Further Thoughts on Valuation

Get Ahead with IPO Insights, IPO Prophet

IPO Prophet

Get Ahead with IPO Insights

At IPO Prophet®, our team leverages over three decades of expertise to deliver actionable quantitative analytics for the IPO market in real-time. This platform synthesizes our extensive experience investing in IPOs, providing investors with revolutionary tools to navigate the complexities of issuance day. Our mission is to empower investors with data-driven insights to make more informed decisions.

<ul><li>✅ IPO PROPHET RATING: 7.9/10 🏦 Deal Quality &amp; Underwriters: 8.4/10 PicPay is entering the public markets as one of Brazil’s largest multi-product fintech platforms, operating across payments, digital banking, cards, credit, insurance distribution, and investment products.</li><li>The company has progressed beyond a single-use wallet into a broad financial ecosystem with multiple monetization points per user.</li><li>After several years of heavy investment, PicPay has reached a scale where revenue growth and cost discipline are beginning to converge, producing a materially improved earnings profile.</li></ul>

✅ IPO PROPHET RATING: 7.9/10 🏦 Deal Quality &amp; Underwriters: 8.4/10 PicPay is entering the public markets as one of Brazil’s largest multi-product fintech platforms, operating across payments, digital banking, cards, credit, insurance distribution, and investment products.The company has progressed beyond a single-use wallet into a broad financial ecosystem with multiple monetization points per user.After several years of heavy investment, PicPay has reached a scale where revenue growth and cost discipline are beginning to converge, producing a materially improved earnings profile.

IPO Rating: PicPay Holdings Netherlands B.V.

<ul><li>PicPay Holdings Netherlands B.V. has set terms for its initial public offering, with the Brazilian digital payments and financial services platform seeking to list its Class A common shares on the New York Stock Exchange under the ticker symbol “PICS.”</li><li>The company plans to offer 22.9 million shares at an expected price range of $16.00 to $19.00 per share , implying gross proceeds of approximately $400 million at the $17.50 midpoint .</li><li>The offering includes both primary and secondary shares, with proceeds from the primary portion going to the company.</li></ul>

PicPay Holdings Netherlands B.V. has set terms for its initial public offering, with the Brazilian digital payments and financial services platform seeking to list its Class A common shares on the New York Stock Exchange under the ticker symbol “PICS.”The company plans to offer 22.9 million shares at an expected price range of $16.00 to $19.00 per share , implying gross proceeds of approximately $400 million at the $17.50 midpoint .The offering includes both primary and secondary shares, with proceeds from the primary portion going to the company.

PicPay Files for NYSE IPO as Brazilian Fintech Scales Profitable Digital Finance Platform

<ul>
<li>PicS N.V. plans to offer 22.9 million primary shares at $16–$19, targeting a $2.1–$2.5 billion valuation ahead of a January 29 debut.</li>
<li>Profitable fintech platform with diversified revenue streams, raising ~$356 million to fund growth, regulatory capital, and the pending Kovr acquisition.</li>
<li>Backed by J&amp;F Investimentos with $75 million in anchor commitments, providing early book support amid mixed sentiment toward Latin American listings.</li>
</ul>


PicS N.V. plans to offer 22.9 million primary shares at $16–$19, targeting a $2.1–$2.5 billion valuation ahead of a January 29 debut.
Profitable fintech platform with diversified revenue streams, raising ~$356 million to fund growth, regulatory capital, and the pending Kovr acquisition.
Backed by J&amp;F Investimentos with $75 million in anchor commitments, providing early book support amid mixed sentiment toward Latin American listings.


PicS N.V. (PICS): Brazilian Digital Wallet Sets Terms Seeking $2.5b Valuation

Brazil

PicS N.V. operates as a digital financial services company that provides a digital wallet and application for individuals and businesses in Brazil. The company offers a range of transactional products, including Pix instant payment system, peer-to-peer transfers, bill payments, and various loan and insurance products. It also provides QR code payment solutions, banking services, and advertising platforms for small and medium-sized businesses. PicS N.V. was founded in 2012 and is headquartered in São Paulo, Brazil.

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PicS (PICS US)

PicS N.V. (PICS): Lat-Am Fintech's Surging Revenue, Strong Metrics to Test the IPO Market

PicS, a Brazilian fintech platform, shows rapid revenue growth and profitability, with strong user engagement. Anchor orders and underwriters...

IPO Boutique

PicPay Pre-IPO Revisited – Further Thoughts on Valuation

PicPay's IPO valuation ranges from USD2.07bn to USD2.53bn, with credit quality as a key concern; we see Banco Pan as its key comparable, and...

Victor Galliano

IPO Rating: PicPay Holdings Netherlands B.V.

✅ IPO PROPHET RATING: 7.9/10 🏦 Deal Quality & Underwriters: 8.4/10 PicPay is entering the public markets as one of Brazil’s largest...

IPO Prophet

PicPay Files for NYSE IPO as Brazilian Fintech Scales Profitable Digital Finance Platform

PicPay Holdings Netherlands B.V. has set terms for its initial public offering, with the Brazilian digital payments and financial services...

IPO Prophet

PicS N.V. (PICS): Brazilian Digital Wallet Sets Terms Seeking $2.5b Valuation

PicS N.V. to offer 22.9 million shares at $16–$19, aiming for $2.1–$2.5 billion valuation, backed by J&F Investimentos for $75 million.

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

PicS N.V. (PICS): Lat-Am Fintech's Surging Revenue, Strong Metrics to Test the IPO Market

​PicS, a Brazilian fintech platform, shows rapid revenue growth and profitability, with strong user engagement. Anchor orders and underwriters...

IPO Boutique

PicPay Pre-IPO Revisited – Further Thoughts on Valuation

​PicPay's IPO valuation ranges from USD2.07bn to USD2.53bn, with credit quality as a key concern; we see Banco Pan as its key comparable, and...

Victor Galliano

IPO Rating: PicPay Holdings Netherlands B.V.

✅ IPO PROPHET RATING: 7.9/10 🏦 Deal Quality & Underwriters: 8.4/10 PicPay is entering the public markets as one of Brazil’s largest...

IPO Prophet

PicPay Files for NYSE IPO as Brazilian Fintech Scales Profitable Digital Finance Platform

PicPay Holdings Netherlands B.V. has set terms for its initial public offering, with the Brazilian digital payments and financial services...

IPO Prophet

PicS N.V. (PICS): Brazilian Digital Wallet Sets Terms Seeking $2.5b Valuation

​PicS N.V. to offer 22.9 million shares at $16–$19, aiming for $2.1–$2.5 billion valuation, backed by J&F Investimentos for $75 million.

IPO Boutique

PicS, a Brazilian fintech platform, shows rapid revenue growth and profitability, with strong user engagement. Anchor orders and underwriters...

PicPay's IPO valuation ranges from USD2.07bn to USD2.53bn, with credit quality as a key concern; we see Banco Pan as its key comparable, and...

PicS N.V. to offer 22.9 million shares at $16–$19, aiming for $2.1–$2.5 billion valuation, backed by J&F Investimentos for $75 million.