Agibank Cuts IPO Ambitions as Market Reality Bites
Hey Digital Banking Fanatic!
Agibank just made a sharp late call.
Hours before pricing its US IPO, the Brazilian FinTech cut both the price range and the deal size in half.
The offering now stands at 20 million shares priced between $12 and $13, down from an earlier plan to sell 43.6 million shares at up to $18. Timing mattered. So did sentiment.
The move comes as shares of PicPay are down nearly 20% since their own US debut, a reminder that public markets are in no mood for stretched FinTech valuations right now.
What’s striking is that demand was still there. The book was oversubscribed, but orders clustered at the lower end, forcing a reset just before the bell.
On February 2nd, I shared with you this change that didn't come out of nowhere. I explored exactly this tension in Connecting the Dots in FinTech. That's why I believe that today's price adjustment makes this analysis even more relevant.
More stories from the Digital Banking ecosystem are coming up soon. Scroll down to see what’s really moving the sector today 👇
Cheers,
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