Business

Banco Inter announces follow-on of approximately BRL 1 billion aiming at new acquisitions

The neobank's board of directors approved on Tuesday a primary offer of up to 19.575 million units with restricted efforts

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  • Currently, Banco Inter is worth BRL 14 billion on the stock exchange;
  • The offer is primary and the coordinators are Bradesco BBI, BTG Pactual, JP Morgan, and Santander.

Brazilian neobank Banco Inter announced a follow-on to increase its firepower in acquisitions, aiming to strengthen its marketplace, at a time when sales are beginning to gain relevance within its business, first reported Brazil Journal. Banco Inter’s board of directors approved on Tuesday a primary offer of up to 19.575 million units with restricted efforts.

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Considering the closing price of the units the day before, of BRL 60.91, the transaction reaches BRL 1.19 billion. Each unit consists of 1 common and 2 preferred shares. Inter is worth BRL 14 billion on the stock exchange.

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According to a relevant fact from the digital bank on Wednesday, the offer includes the initial distribution of 14.5 million units (14.5 million common and 29 million preferred shares), which can be increased by up to 35% to meet possible excess demand. The operation is coordinated by Bradesco BBI, BTG Pactual, JPMorgan and Santander Brasil.