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Highlights
- Nu Holdings Ltd. (NU) will debut on NYSE on Thursday.
- Nu raised US$2.6 billion in its IPO of 289,150,555 ordinary shares.
- The Brazilian company priced the IPO at US$9.00 per share.
Brazilian fintech company Nu Holdings Ltd. (NU) is set to debut on the New York Stock Exchange (NYSE) on Thursday after a successful initial public offering (IPO).
Billionaire Warren Buffet is among the top investors in Nu Holdings Ltd, also called Nubank.
The Sao Paulo-based company raised US$2.6 billion in the IPO. The company offered 289,150,555 shares for US$9.00 per share. The price range was US$8.00 to US$9.00 per share.
Nubank, founded in 2013, offers digital accounts and international credit cards to customers. It provides low-cost financial solutions through its mobile app.
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Warren Buffet’s Berkshire Hathaway purchased 10% of the IPO shares. Other prominent investors include Sequoia Capital, DST Global, China’s Tencent, and Tiger Global.
Morgan Stanley, Goldman Sachs Group Inc., and Citigroup Inc. led the IPO.
Nubank had more than 48 million customers as of Sept 2021 in Brazil, Mexico, and Colombia.
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Nubank Financials
The bank earned revenue of US$1.06 billion for the nine months ended on Sept 30, 2021, compared with US$0.534 billion in the same period of 2020. The net loss was US$99 million against a net loss of US$64.4 million in the corresponding period last year.
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Nubank CEO David Velez will hold around US$8.9 billion worth of shares, and co-founder Cristina Januqueira will have a US$1.1 billion stake in the company.
Velez will have around 75% of the voting power in the company after the offer, and Junqueira will have about 9.3% of the voting power.
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Bottomline
This year saw around 469 IPO listings in the US, raising a combined US$161 billion. The listings, including SPAC and direct, reached more than 560 in the first three quarters of 2021.
