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Brazilian bank Pine announced a secondary offering of shares on February 23, 2026, potentially raising up to R$400 million, according to a company filing. The base offering consists of 21,860,095 preferred shares, which, based on Friday’s closing price of R$12.58, could generate R$275 million.
The bank also has the option to increase the offering by up to 9,936,406 additional shares, which would bring the total transaction value to R$400 million. This move comes as many financial institutions seek to bolster their capital positions amid evolving economic conditions.
Pine intends to initially settle the offering through subscription receipts, which will be converted into shares within 10 days of approval of the capital increase by the Central Bank. The company clarified that there will be no supplemental offering or price stabilization procedure following the offering.
The offering is targeted towards professional investors, with priority given to existing shareholders. The controlling shareholder has committed to subscribing to at least 20% of the initial tranche, representing approximately 4.37 million shares. Itaú BBA, BTG Pactual, Bradesco BBI, XP, and Safra are coordinating the operation, with placement also planned for qualified international investors.
Pricing for the shares is expected to be determined on March 3 through a bookbuilding process, a procedure for collecting investment intentions. The decision to proceed with the follow-on offering reflects Pine’s strategic initiatives to support its growth and expansion plans.
