Brazil Fintech PicPay Is Said to Work With Citigroup on US IPO

PicPay, the Brazilian mobile banking app owned by the billionaire Batista family’s holding company, is working with Citigroup Inc in order to try to do an initial public equity offering in the US, said people familiar to the matter.

The company is aiming to do the transaction as soon as market conditions allow, the people said, asking not to be identified because the information wasn’t public.

Representatives for PicPay and Citigroup declined to comment.

The company filed for a US IPO in April 2021, aiming for a valuation of $8 billion, Bloomberg News reported. The company withdrew its registration ...