Nubank debuts $ 52 billion in market cap makes Reuters third largest Brazilian public company
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(Reuters) – Shares of digital lender Nubank opened more than 25% of its bid price on Thursday when it went public, giving the company a market capitalization of nearly $ 52 billion, making it the third most valuable company in Brazil.
In that assessment, Sao Paulo fintech, backed by Warren Buffett’s Berkshire Hathaway (NYSE 🙂 Inc., is only behind players from Petrobras and Vale products.
On Wednesday, Nubank put its initial public offering at the top of a range that had fallen earlier due to concerns about the global failure of technology price shares, raising nearly $ 2.6 billion. A source with knowledge of the subject said the offer exceeded eight times.
Flotation is a record year for U.S. charts, as heavyweights like Coinbase (NASDAQ 🙂 and Robinhood (NASDAQ 🙂 were made public.
Nubank said it had made a profit in the first half of 2021 in Brazilian operations. Founder and CEO David Velez said the company will continue to focus on three markets: Brazil, Mexico and Colombia.
“A lot of the capital we are raising at this IPO is for Colombia and Mexico. And so we will continue to invest behind that growth opportunity,” Velez said in an interview with Reuters.
Nubank’s investors include Sequoia Capital, Tiger Global Management and SoftBank Latin America Funds.
“Nubank is one of those companies that wants to hold shares for the long term,” Douglas Leon, Sequoia’s global director, said in an interview with Reuters. Sequoia began investing in Nubank in the seed round in 2013.
“The focus right now (Nubank) is to make sure we do the best job for our Latin American customers,” added Leon, who is also a member of fintech’s board of directors.
Becoming one of Brazil’s largest credit card issuers, Nubank has been a pioneer in products that have created a tough race among competitors.
The company’s shares opened at $ 11.25 per share, compared to the initial public offering price of $ 9 per share.
Morgan Stanley (NYSE :), Goldman Sachs & Co. (NYSE :), Citigroup (NYSE 🙂 and NuInvest are the main contractors for the offer.
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