Brazil's Nubank eyes over $50 billion valuation in U.S. IPO

By Kitco News / November 01, 2021 / www.kitco.com / Article Link

(Reuters) - Brazil's Nubank on Monday lifted the veil off its filing for an initial public offering in the United States, revealing it is targeting a valuation of over $50 billion, setting the stage for one of the biggest stock market flotations this year.

The company said it is offering 289.2 million shares at a price between $10 and $11 per share. At the top end of that range, the IPO will fetch $3.2 billion of proceeds.

Nubank also revealed a big jump in its nine-month revenue, less than a week after the fintech company said it had confidentially filed its IPO paperwork with regulators.

Perks like no fees or minimum balance requirements have added to the appeal of neobanks like Nubank. The trend has only accelerated during the pandemic, which forced people to turn to smartphone apps for banking solutions.

The company's net revenue here stood at $1.06 billion in the nine months ended Sept. 30, up from $534.6 million a year earlier. Losses in the same period, however, widened to $99.1 million from $64.4 million.

Morgan Stanley, Goldman Sachs, Citigroup and NuInvest are the lead underwriters for the offering.

Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber and Maju Samuel

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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