Batista brothers' fintech PicPay files for IPO on Nasdaq

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 Jose Antonio 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), mainly due to high selling expenses.

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 and Santander will manage the IPO.

$1 = 5.5690 reais Reporting by Aluisio Alves, writing by Carolina Mandl; Editing by Sam Holmes