This Wednesday the Brazilian financial services platform XP Inc. has priced its Nasdaq listing at $27 per class A share, the largest IPO of a Brazilian company this year, according to Reuters. The established price for its premiere on Nasdaq is above the ceiling of the $ 22-25 target range. With this, XP has been valued at $14.9 billion.
In total, the operation, involving three offers, is expected to raise $ 2.25 billion. According to the Brazilian newspaper Valor Econômico, the company’s primary offering is expected to raise $1.15 billion; the secondary, from investors, $808.8 million; and a supplementary offer, also made up of sellers’ shares and yet to be confirmed, $293.6 million.
According to Reuters, the IPO is set to be the fourth largest in the United States in 2019 and is considered a bellwether for other Brazilian financial technology companies eyeing U.S. listings in 2020.
XP said it will use the proceeds to launch new products and services, such as digital payment accounts, as well as acquisitions and the expansion of the platform as a whole.