03:28 AM EDT, 10/03/2024 (MT Newswires) -- (Updates to add PicPay's response in the sixth paragraph.)

Brazilian digital bank PicPay plans to hire financial firms to conduct an initial public offering on Nasdaq next year, Reuters reported Wednesday, citing two people familiar with the matter.

This is the second time PicPay aims to list its shares in the US, having previously abandoned plans for a Nasdaq IPO in 2021 due to market headwinds, the report said.

The company has not formally chosen any investment banks for the consortium, but it plans to work with Citigroup ( C ) among others as the bank has been part of its IPO discussions since 2021, the report said.

PicPay has not decided the size of the IPO yet and wants it to be "only as big as necessary," the report quoted the sources as saying.

Funds raised from the IPO are expected to help the company expand its operations in Brazil, the report said.

PicPay declined to comment on the matter when reached out to by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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