Does PicPay's IPO mark the return of Brazilian stock market debuts?

Startups asks whether PicPay's Nasdaq debut, which raised about US$434 million and ended four years without IPOs by Brazilian companies, reopens the window for new listings. Raul Ciarelli, of TCP Partners, sees the deal as an exception: in his view, economic uncertainty in the United States under Donald Trump and the interest-rate outlook still make new listings hard to plan. “Planning an IPO like this is complicated,” he says.

Source: Startups, January 29, 2026.