On Wednesday (27), Nubank announced the long-awaited request to go public. The Initial Public Offering (IPO) should take place simultaneously on the Brazilian B3 stock exchange and also on the US Nasdaq, the latter through the negotiation of BDRs (Brazilian Depositary Receipts) that reproduce the performance of shares traded abroad. The event should take place between the end of November and the beginning of December this year.
A few months ago, when some news began to surface about a possible IPO, the company was chasing a market value of $100 billion. However, according to information from the Broadcast, this value will be much lower than the company’s expectations. According to the information provider, the figures should be between US$ 50 billion and US$ 70 billion.
Still, these values are impressive, especially when taking into account that the two largest traditional Brazilian banks do not reach today, in their trajectories of almost 80 years of existence, the value intended by Nubank. Itaú Unibanco, for example, considered the largest private bank in the country, is worth US$ 42 billion on the New York Stock Exchange, while Bradesco is worth US$ 34 billion.
A few steps towards the IPO
Source: Nubank/DisclosureSource: Nubank
Nubank made its debut in the investment market in September of last year, when it acquired the broker Easynvest, whose name was changed to Nu Invest, in a move intended to intensify competition with traditional financial institutions. In another important strategic move, the holding made its first foray into the e-commerce market, with the purchase of Spin Pay, fintech for instant payments.
After announcing, on the 13th, its first net profit – of R$ 76 million –, made in the first semester, Nubank showed signs of being preparing a compliance structure to become a publicly-held company, hiring the former Chief Executive Officer of the Coca-Cola Company, Muthar Kent, to the Board of Directors.