On February 10, 2026, Agibank announced a significant reduction in its initial public offering (IPO) plans for the U.S. market.

Previously aiming to achieve a valuation of up to $3.3 billion, Agibank now intends to issue 20 million shares at a price range between $12 and $13 each. Initially, the company had proposed selling approximately 43.6 million shares within a range of $15 to $18 per share.

The revised offering consists solely of new shares, with existing shareholders choosing not to sell their stakes at the lower valuation. Agibank anticipates commencing trading on the New York Stock Exchange under the ticker “AGBK” on February 11, 2026.

Impact of Market Conditions

The scaled-back offering follows poor performance by PicPay, a Brazilian digital bank that completed its U.S. IPO in January 2026. PicPay’s shares dropped around 20% after listing.

Lukas Muehlbauer from IPOX Research suggests that Agibank faced valuation pressure due to market assessments against PicPay’s post-listing performance. The non-sale of existing shares by shareholders could introduce a potential stock overhang, posing risks for future price stability.

Background and Sector Challenges

Based in São Paulo, Agibank operates as a digital bank offering consumer loans, credit cards, and payment services. The company initially planned to go public in Brazil in 2018 but withdrew due to volatile market conditions.

Since then, the Brazilian IPO landscape has faced a prolonged downturn after a peak period in 2020 and 2021. Factors such as rising interest rates, increased competition, and concerns over profitability have impacted valuations for digital banks and lending platforms.