Nubank arrives on the market valued at R$231.4 billion and passes Itaú as the most valuable in Latin America

The digital bank Nubank was valued by investors at around US$ 41.5 billion (BRL 231.45 billion) in the initial public offering of shares (IPO) held this Wednesday (8) on the NYSE ( New York Stock Exchange) in the United States.

The value per share was set at US$9 (R$50.19), with an amount raised of approximately US$2.6 billion (R$14.5 billion).

With the market value achieved in the offer, the digital bank is positioned as the most valuable financial institution in Latin America, surpassing the large traditional financial institutions in the country in market value —Itaú, the largest private bank in assets, is worth US$ 37.7 billion (R$ 210.26 billion), according to data from Economatica.

Next come Bradesco (US$33.25 billion, R$185.44 billion), Santander Brasil (US$22.11 billion, R$123.31 billion) and BB (US$16.75 billion, R$93 .41 billion).

Despite the impressive marks, the digital bank revised its target values ​​down Nov. 30 amid pressure on tech companies on a global scale in recent weeks.

Nubank previously intended to raise about $3 billion (BRL 16.73 billion) at a valuation of more than $50 billion (BRL 278.86 billion) by selling shares for between $10 (BRL $55.77) and $11 (BRL 61.35) the paper.

Morgan Stanley, Goldman Sachs, Citigroup e NuInvest assessoram a fintech no IPO.

The common shares will be traded on the New York Stock Exchange under the symbol “NU” on Thursday (9). In Brazil, share receipts (BDRs), corresponding to 1/6 of the shares originally traded in the United States, will be traded under the symbol “NUBR33”.

“Nu intends to use the proceeds of the offering for general corporate purposes, including working capital and operating expenses. In addition, Nu may use a portion of the net proceeds to acquire or invest in businesses, products, services or technologies,” says the bank statement.

The long-awaited debut of the Brazilian digital bank Nubank on the New York and São Paulo Stock Exchanges comes against a backdrop of falling shares of similar companies — in technology and, in particular, those offering financial services.

One of the most recent cases that show the setbacks that fintechs have faced in the Stock Exchanges is that of the Indian Paytm. Last month, the company founded in 2000 staged the biggest IPO on the Indian Stock Exchange, raising more than US$ 2.5 billion in one day (almost R$ 13.7 billion, at the price at the time).

The debut, however, was followed by turbulent days. The price of papers dropped 27%. Valued at US$ 20 billion (almost R$ 110 billion) at the IPO, the company dropped to US$ 11.8 billion and closed last Friday (3) at US$ 14.2 billion (little more of BRL 80.5 billion).

Brazilian Stone, a card machine company that is on the New York Stock Exchange, accumulates a 78% drop this year. PagSeguro, also listed in the US, has fallen more than 50% since February this year.

On Friday (10), the day for which the bell ringing ceremony on B3 by co-founders David Vélez and Cristina Junqueira is scheduled, pop singer Anitta will make a presentation from 8:15 pm that will be broadcast on the YouTube channel. She is a member of the board of directors of Nubank.

The bank will hold a series of events “to thank and honor our clients in the countries where we have operations (Brazil, Mexico and Colombia) and in New York, in the United States, where our IPO will take place.”

Among them, purple lighting – the company’s brand – is planned for monuments such as Christ the Redeemer, in Rio de Janeiro; the Monument to the Revolution in Mexico City; and the Morro de Monserrate, in Bogotá.

The NYSE building, where Nubank will hold the IPO, and the B3 headquarters in São Paulo will also be illuminated.

“The IPO will increase our capacity to innovate, grow and bring better products to even more customers. It is another step in the journey of democratizing access to financial services. This is just the beginning,” said Vélez, in a statement.