Brazil’s Nubank slashes IPO valuation to over $40 bln

The emblem of Nubank, a Brazilian fintech startup, is pictured on the financial institution’s headquarters in Sao Paulo, Brazil June 19, 2018. REUTERS/Paulo Whitaker/File Picture

Nov 30 (Reuters) – Nubank on Tuesday lower the anticipated worth vary of its U.S. preliminary public providing, lowering the Brazilian on-line lender’s focused valuation by practically $10 billion to as much as $41.5 billion.

In an amended submitting with the U.S. Securities and Change Fee, the Sao Paulo-based firm mentioned it might now be trying to promote about 289.2 million shares priced between $8 and $9 every. It could elevate $2.6 billion on the prime finish of the vary.

Nubank had earlier deliberate to boost practically $3 billion at a valuation of over $50 billion by promoting shares at between $10 and $11 every.

The IPO market in the USA has been robust this 12 months, however the detection of a presumably vaccine-resistant variant of the coronavirus sparked a broad selloff on Friday.

Markets have since eased as traders await extra particulars on the variant, Omicron.

Morgan Stanley, Goldman Sachs, Citigroup and NuInvest are the lead underwriters for Nubank’s providing.

Reporting by Niket Nishant and Noor Zainab Hussain in Bengaluru; Enhancing by Shailesh Kuber and Aditya Soni

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