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    BARC   GB0031348658

BARCLAYS PLC

(BARC)
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Batista brothers' fintech PicPay files for IPO on Nasdaq

04/21/2021 | 06:42pm EDT

SAO PAULO, April 21 (Reuters) - Brazilian financial startup PicPay has filed with the U.S. Securities and Exchange Commission for an initial public offering on Nasdaq, according to a Wednesday filing.

Founded in 2012, payments wallet PicPay is controlled by group J&F Investimentos SA, a holding company owned by Brazilian billionaire brothers Wesley and Joesley Batista, who also own meatpacker behemoth JBS SA.

With 28.4 million active users, PicPay posted total revenues of 390 million reais in 2020 and a loss of 804 million reais ($144.37 million).

The loss was mainly due to high selling expenses, which included roughly 622 million reais in payments related to the brand promotion and development, PicPay said, adding payments were settled as a capital increase.

In March, however, J&F entered an agreement to transfer the trademark PicPay to the company for no amount paid.

PicPay also has agreements with Banco Original, a bank controlled by J&F, related to cards and revolving credit lines.

The company, which has Jose Antonio Batista as CEO, said it plans to raise an undisclosed amount of money to fund its growth strategy, which may include M&As.

BTG Pactual, Bradesco BBI, Barclays and Santander will manage the IPO.

($1 = 5.5690 reais) (Reporting by Aluisio Alves and Carolina Mandl, writing by Carolina Mandl; Editing by Sam Holmes and Diane Craft)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANCO BTG PACTUAL S.A. -1.95% 75.5 End-of-day quote.65.39%
BARCLAYS PLC -0.05% 172.86 Delayed Quote.17.63%
JBS S.A. -0.25% 28.11 End-of-day quote.18.81%
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Financials
Sales 2021 21 243 M 29 611 M 29 611 M
Net income 2021 3 921 M 5 466 M 5 466 M
Net Debt 2021 - - -
P/E ratio 2021 7,57x
Yield 2021 3,64%
Capitalization 29 297 M 40 778 M 40 838 M
Capi. / Sales 2021 1,38x
Capi. / Sales 2022 1,36x
Nbr of Employees 83 000
Free-Float 99,6%
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Mean consensus BUY
Number of Analysts 23
Last Close Price 172,54 GBX
Average target price 214,15 GBX
Spread / Average Target 24,1%
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Managers and Directors
NameTitle
James Edward Staley Group Chief Executive Officer & Executive Director
Tushar Morzaria Group Finance Director & Executive Director
Nigel Paul Higgins Group Chairman
Mark Ashton Rigby Group Chief Operating Officer
Laura Padovani Group Chief Compliance Officer
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