Brazil's Nubank eyes over $50 bln valuation in U.S. IPO
Nov 1 (Reuters) - Brazil's Nubank on Monday lifted the veil off its filing for an initial public offering in the United States, revealing it is targeting a valuation of over $50 billion, setting the stage for one of the biggest stock market flotations this year.
The company said it is offering 289.2 million shares at a price between $10 and $11 per share. At the top end of that range, the IPO will fetch $3.2 billion of proceeds.
Nubank also revealed a big jump in its nine-month revenue, less than a week after the fintech company said it had confidentially filed its IPO paperwork with regulators.
Perks like no fees or minimum balance requirements have added to the appeal of neobanks like Nubank. The trend has only accelerated during the pandemic, which forced people to turn to smartphone apps for banking solutions.
The company's net revenue https://www.sec.gov/Archives/edgar/data/0001691493/000119312521314359/d213207df1.htm stood at $1.06 billion in the nine months ended Sept. 30, up from $534.6 million a year earlier. Losses in the same period, however, widened to $99.1 million from $64.4 million.
Morgan Stanley, Goldman Sachs, Citigroup and NuInvest are the lead underwriters for the offering. (Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber and Maju Samuel)
