Brazilian consumer bank AGI files for an estimated $200 million US IPO
February 11, 2026 News
Brazilian consumer bank AGI prices US IPO at $12, the low end of the revised range
AGI （Agibank）， a Brazilian digital bank providing social security-backed loans to underserved customers, raised $240 million by offering 20 million shares at $12, the low end of the downwardly revised range of $12 to $13. On Tuesday, the company slashed the terms of its proposed IPO; AGI had originally filed to raise $720 million by offering 43.6 million shares at a range of $15 to $18.
AGI’s US offering follows that of close peer PicPay （PICS）， which went public two weeks ago; PICS traded flat on its first day, and closed yesterday 20.2% below its offer price.
February 10, 2026 News
Agibank slashes deal size by 65% ahead of pricing
AGI （Agibank）， a Brazilian digital bank providing social security-backed loans to underserved customers, slashed the proposed deal size for its upcoming IPO on Tuesday, reflecting poor trading from close peer and recent IPO PicPay （-20% from IPO）。
January 29, 2026 News
Brazilian consumer bank AGI sets terms for $720 million US IPO
AGI （Agibank）， a Brazilian digital bank providing social security-backed loans to underserved customers, announced terms for its IPO on Thursday.
The Campinas, Brazil-based company plans to raise $720 million by offering 43.6 million shares at a price range of $15 to $18. At the midpoint of the proposed range, AGI （Agibank） would command a market cap of $3 billion.
IPO Overview
AGI, a Brazil-based consumer bank focused on social security benefits-secured loans, filed on Wednesday with the SEC to raise what we estimate could be $200 million in an initial public offering.
Also known as Agibank, AGI operates as a technology-driven provider of specialized financial services in Brazil, focusing on underserved segments such as social security beneficiaries and public and private sector workers. It serves 6.4 million active clients across 1,101 asset-light Smart Hubs, which are paperless and cashless, in 723 cities as of September 30, 2025. AGI offers loans and advances to individual customers, fixed income securities, and loans to credit institutions. In 2025, Brazil’s social security agency handed the company two temporary suspensions, citing contractual non-compliance, irregularities, and certain business practices.
The Campinas, Brazil-based company was founded in 1999 and booked $1.0 billion in revenue for the 12 months ended September 30, 2025. It plans to list on the NYSE under the symbol AGBK. AGI filed confidentially on September 5, 2025. Goldman Sachs, Morgan Stanley, Citi, Bradesco BBI, BTG Pactual, Itau BBA, Santander, Societe Generale, and XP Investimentos are the joint bookrunners on the deal. No pricing terms were disclosed.
About the Company
Our mission is to revolutionize financial services for the largest and fastest growing segment of Brazil’s population: individuals who have been underserved by incumbent banks and have not been effectively reached by digital-only banks. We seek to make credit and banking solutions more accessible and affordable for the Brazilian consumers who we believe need it the most, including social security beneficiaries and private and public sector workers. We have designed a unique value proposition for this population, who may be older, have a lower income, be less tech-savvy or have less access to education. Our target market: （1） includes 107 million people, comprised of 41.4 million social security beneficiaries, 52.7 million private sector workers and 12.8 million public sector workers; and （2） represents a total estimated addressable market of over R$1.9 trillion in financial services as of September 30, 2025, based on data from the Central Bank of Brazil and SUSEP. AGI Inc is a leading technology-powered provider of specialized financial services in Brazil. We empower nearly 6.4 million active clients as of September 30, 2025 to access their social security benefits, severance fund benefits, and public or private sector payrolls through innovative secured lending solutions and complementary banking, credit and insurance products tailored to their needs.