https://arab.news/n57wp
RIYADH: Brazilian digital bank Nu Holding, also known as Nubank, has raised $2.6 billion in a US initial public offering, making it the most valuable financial institution in Latin America.
The company, whose backers include Warren Buffett’s Berkshire Hathaway, sold 289 million shares on Wednesday Dec. 8 for $9 each after offering them for $8 to $9, a statement revealed.
This IPO price gives Nubank a market value of $41 billion.
Nubank had lowered the proposed range last week after earlier seeking to raise $3.18 billion.
Berkshire bought 10 percent of the shares in the offering, a person familiar with the matter told Bloomberg, asking not to be identified because it wasn’t public.
The shares are expected to begin trading on Thursday Dec. 9 on the New York Stock Exchange under the symbol NU, Bloomberg said. Its Brazilian depositary receipts, known as BDRs, will trade on the Sao Paulo stock exchange under the ticker NUBR33.
The offering is being led by Morgan Stanley, Goldman Sachs Group and Citigroup.