• Markets have since eased as investors await more details on the variant, Omicron;
• Nubank said it would now be looking to sell about 289.2 million shares priced between $8 and $9 each.

Nubank on Tuesday cut the expected price range of its U.S. initial public offering, reducing the Brazilian online lender’s targeted valuation by nearly $10 billion to up to $41.5 billion.

In an amended filing with the U.S. Securities and Exchange Commission, the Sao Paulo-based company said it would now be looking to sell about 289.2 million shares priced between $8 and $9 each. It would raise $2.6 billion at the top end of the range.

READ ALSO: Brazil’s Nubank arrives in e-commerce with a marketplace within its app

Nubank had earlier planned to raise nearly $3 billion at a valuation of over $50 billion by selling shares at between $10 and $11 each.

The IPO market in the United States has been strong this year, but the detection of a possibly vaccine-resistant variant of the coronavirus sparked a broad selloff on Friday.

READ ALSO: Latin American super apps battle to achieve greater user recurrence while there is still room for everyone

Markets have since eased as investors await more details on the variant, Omicron.

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