Agibank has reduced its US initial public offering by more than 50% and lowered the proposed price range, according to a regulatory filing on 10 February 2026.
After just announcing plans to target a valuation of up to USD 3.3 billion in its initial public offering in the US, the Brazil-based fintech now plans to sell 20 million shares priced between USD 12 and USD 13 per share. The company previously offered approximately 43.6 million shares in a range of USD 15 to USD 18 per share.
The revised offering consists entirely of primary shares, with existing shareholders electing not to sell stakes at the reduced valuation. Agibank expects to begin trading on the New York Stock Exchange under the ticker symbol "AGBK" on 11 February 2026.
Market conditions affect valuation expectations
The downsized offering follows the weak aftermarket performance of PicPay, a Brazilian digital bank that completed a New York IPO in January 2026. PicPay shares declined approximately 20% following the listing, representing the first new Brazilian company IPO in more than four years.
Agibank faced valuation pressure as investors assessed the sector against PicPay's post-listing performance, according to IPOX Research Associate Lukas Muehlbauer. The decision by existing shareholders to retain positions rather than sell introduces potential stock overhang, where future sales by these shareholders could pressure the share price.
Goldman Sachs, Morgan Stanley, and Citigroup serve as global coordinators for the offering. Agibank has not disclosed the total capital to be raised at the revised terms or the company's implied market capitalisation.
Company background and sector challenges
Agibank, based in São Paulo, operates as a digital bank providing consumer loans, credit cards, and payment services. The company planned a stock market debut in Brazil in 2018 but withdrew due to volatile market conditions.
The Brazilian IPO market experienced a prolonged downturn following peak activity in 2020 and 2021. Rising interest rates, increased competition, and profitability concerns have affected valuations for digital banks and lending platforms.
