We advised the representatives of the several underwriters

Davis Polk advised the representatives of the several underwriters, on PicPay’s $434.2 million initial public offering of 22,857,143 Class A common shares, at a price per share of $19.00. The shares are listed on the Nasdaq under the symbol “PICS.” PicPay has granted the underwriters a 30-day option to purchase up to an additional 3,428,571 Class A common shares at the initial public offering price, less underwriting discounts and commissions.

PicPay is one of the largest digital banks in Brazil by number of customers. PicPay began its operations with instant payments and the use of QR codes and has since evolved into a digital bank offering financial products and services such as digital wallets, credit cards, loans, “Buy Now Pay Later” (BNPL), investments and insurance to consumers and businesses.

The Davis Polk capital markets team included partner Manuel Garciadiaz, counsel Drew Glover and associate Matt Weaver. The tax team included associates David J. Beer and Hunter P. Shaw. Members of the Davis Polk team are based in the São Paulo, New York and Northern California offices.

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