AGI Bank (Agibank), a Brazil-based digital bank focused on mass-market consumer financial services, has set terms for its initial public offering in the United States under the ticker AGBK. The company plans to offer 43.6 million Class A common shares at an expected price range of $15.00 to $18.00 per share, implying a deal size of approximately $720 million at the midpoint of the range. At the midpoint, AGI Bank would carry an estimated market capitalization of approximately $3.0 billion, based on 183.6 million shares outstanding following the offering. The IPO is expected to list on the New York Stock Exchange and is being led by Goldman Sachs, Morgan Stanley, and Citigroup, with additional participation from Bradesco BBI, BTG Pactual, Itaú BBA, Santander, Société Générale, XP Investment Banking, Oppenheimer, and Susquehanna Financial Group.
Agibank operates a hybrid digital banking model designed to serve Brazil’s mass-market and underbanked population through a combination of proprietary technology and physical distribution. Unlike purely digital challengers, the company maintains a nationwide network of more than 1,100 Smart Hubs across hundreds of Brazilian cities. These paperless and cashless locations support customer acquisition, onboarding, and servicing, complementing the company’s mobile-first platform and enabling expansion beyond major urban centers while maintaining a localized presence.
The company’s lending activity is primarily centered on payroll-deducted and benefit-linked credit products, which tend to exhibit lower loss rates due to their structured repayment mechanics. These products form the core of Agibank’s operating model and are complemented by deposits, cards, and related consumer banking services. As of the most recent filing, the company reported approximately 6.4 million active customers, reflecting continued growth driven by both digital channels and its physical distribution footprint.
Financially, AGI Bank exhibits meaningful scale and operating leverage. In 2023, the company generated approximately $885 million in revenue, producing operating income of about $583 million and net income of roughly $88 million after translating Brazilian real figures into U.S. dollars. Results improved further in 2024, with revenue of $1.25 billion, operating income of $849 million, and net income of $149 million. That momentum continued through the interim periods, as AGI Bank reported $898 million in revenue, $607 million in operating income, and $112 million in net income for the nine months ended September 30, 2024, followed by $1.28 billion in revenue, $797 million in operating income, and $156 million in net income for the nine months ended September 30, 2025, highlighting the company’s ability to grow profitably at scale.
Net proceeds from the offering are expected to be used for general corporate purposes, including balance sheet support, continued investment in technology and data analytics, and potential strategic initiatives. Following the IPO, AGI Bank is expected to maintain a dual-class share structure, allowing existing shareholders to retain voting control, a structure that is common among founder-led financial and technology companies accessing the public markets
Strategically, AGI Bank’s offering comes as investor appetite has shifted toward fintech and financial services companies that can demonstrate durable earnings power alongside growth. Management emphasizes disciplined underwriting, data-driven credit models, and the defensive characteristics of payroll-linked lending as mitigating factors against macroeconomic volatility. As with other Brazil-based financial institutions, operating performance remains sensitive to interest rates, inflation, regulatory developments, and broader economic conditions, factors investors are likely to weigh closely as the company approaches pricing.
AGI is expected to IPO the week of February 9th, 2026.
