SAO PAULO, Feb 11 - Agibank said on Wednesday it raised $240 million from its initial public offering in New York after selling 20 million shares at $12 apiece. The final price matched the lower end of the most recently marketed range of $12 to $13 per share, following a sharp reduction in both the intended deal size and the offering price range announced on Tuesday.
The transaction places Agibank's valuation at $1.92 billion, based on the number of outstanding shares presented in its prospectus. The bank expects to begin trading later on Wednesday on the New York Stock Exchange under the ticker symbol "AGBK." Global coordinators on the offering were Goldman Sachs, Morgan Stanley and Citigroup.
Agibank provided revenue guidance for the year ended Dec. 31, estimating total revenue in a range between 10.55 billion reais and 10.7 billion reais, up from 7.28 billion reais the previous year. The exchange rate used in reporting was $1 = 5.1961 reais.
The flotation follows private capital investment in 2024, when Brazilian private equity fund Lumina Capital Management invested 400 million reais in Agibank at a valuation of 9.3 billion reais. The company traces its origins to 1999, when Marciano Testa, then a college student, founded Agiplan to serve underserved customer segments. Agibank had initially planned a domestic listing in Brazil in 2018 but encountered difficulty attracting investors amid a volatile election year and later opted for a U.S. listing.
Market context for the IPO is mixed. The window for Brazilian companies to access public listings widened in 2026 after a years-long downturn, yet the recent U.S. debut of another Brazilian digital bank has shown the fragility of investor appetite. That competitor went public in New York last month and has since seen its stock fall roughly 20% from its offer price, a performance that the market must absorb as other Brazilian issuers consider U.S. listings.
Agibank reduced the size and price range of the offering shortly before sale, a move that resulted in the $240 million raised. The characterization of the IPO as "scaled-back" reflects the contrast between the initial expectations and the ultimately executed transaction. The company did not provide additional commentary in its release beyond the offering details, valuation and trading plans.
This New York offering represents Agibank's path to U.S. capital markets after prior efforts to list in Brazil did not materialize. With the company beginning to trade under the symbol "AGBK," investors will now be able to observe how actual market trading compares with the company's prospectus valuation and recent private investments.
Key points
- Agibank raised $240 million by selling 20 million shares at $12 each in a reduced New York IPO, valuing the company at $1.92 billion.
- The bank projected full-year revenue between 10.55 billion and 10.7 billion reais, up from 7.28 billion reais a year earlier; Lumina invested 400 million reais in 2024 at a 9.3 billion reais valuation.
- Broader market context: Brazilian companies have begun listing again in 2026, but the poor aftermarket performance of a recent Brazilian digital bank IPO - down roughly 20% from its offer price - presents a near-term headwind for similar listings.
Risks and uncertainties
- Aftermarket volatility in recent Brazilian fintech listings could damp investor demand for new issuances; this primarily affects the fintech and capital markets sectors.
- The need to sharply reduce the deal size and price range prior to the offering highlights potential sensitivity to market conditions, with implications for equity capital formation and investor appetite in the banking sector.