The IPO, which PicPay previously explored but abandoned in 2021, was led by Citigroup, Bank of America and Royal Bank of Canada. FOUR-YEAR DROUGHTThe offering breaks a four-year drought in IPOs for Brazilian companies and could open the door for more. Anderson Brito, UBS BB head of investment ​banking in Brazil, said a poll of institutional investors anticipated more than 10 Brazilian IPOs in 2026, either in Brazil or ‌abroad. The last IPO on the Brazilian stock market was fertilizer producer Vittia ⁠in September 2021. LESS APPETITE AT HOMENew York may keep luring Brazilian IPOs, ​said investment analyst Pedro Galdi at fintech AGF because equity returns pale by ​comparison to domestic debt yields.