Money moves: Brazilian brokerage XP sets terms for $1.7 billion US IPO

XP, a fast-growing brokerage and wealth manager in Brazil, announced terms for its IPO on Monday.

The São Paulo, Brazil-based company plans to raise $1.7 billion by offering 72.5 million shares (41% insider) at a price range of $22 to $25. Entities advised by Durable Capital Partners have indicated an interest in purchasing up to $170 million of the IPO (10% of the deal). At the midpoint of the proposed range, XP would command a market value of $13.0 billion.

XP was founded in 2001 and booked $1.0 billion in revenue for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol XP. Goldman Sachs, J.P. Morgan, Morgan Stanley, XP Investimentos, Itau BBA, BofA Securities, Citi, Credit Suisse, and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of December 9, 2019.

The article Money moves: Brazilian brokerage XP sets terms for $1.7 billion US IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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