Agibank (AGBK) Shrinks U.S. IPO by Over 50% to 20M Shares at $12-$13

Agibank, the Sao Paulo-based fintech, has significantly reduced its U.S. initial public offering, cutting the number of shares from 43.6 million to 20 million and slashing the proposed price range from $15-$18 to $12-$13. The revised offering is set to begin trading on the New York Stock Exchange under the symbol AGBK on Wednesday. The downsized offering follows a疲软 aftermarket for PicPay, its closest peer that listed in New York last month, and reflects valuation pressure in the sector just ahead of Agibank's roadshow. The restructured deal consists entirely of primary shares, with existing shareholders retaining their positions, potentially introducing a stock overhang risk. Agibank, which attempted a 2018 listing in Brazil but faced difficulties during a volatile election year, is valued at 9.3 billion reais, having raised 400 million reais in capital from Lumina Capital Management. Goldman Sachs, Morgan Stanley, and Citigroup are the global coordinators.