Nubank debuts with $52 bln market cap, becomes Brazil’s third most valuable public firm
Digital lender Nubank’s (NU.N) shares opened 25% above the offer price in their stock market debut on Thursday, giving the company a market capitalization of nearly $52 billion, making it the third most valuable listed firm in Brazil.
At that valuation, the Sao Paulo-based fintech, backed by Warren Buffett’s Berkshire Hathaway Inc (BRKa.N), is only behind commodities players Petrobras (PETR4.SA) and Vale (VALE3.SA).
On Wednesday, Nubank priced its initial public offering at the top end of a range it had lowered earlier due to concerns over a global rout in technology stocks, to raise nearly $2.6 billion. The offer was eight times oversubscribed, one source with knowledge of the matter said.
The flotation comes as a record year for U.S. listings, which saw heavyweights like Coinbase (COIN.O) and Robinhood (HOOD.O) go public, draws to a close.
Reporting by Niket Nishant in Bengaluru, Carolina Mandl and Tatiana Bautzer in Sao Paulo, Echo Wang in Taos, New Mexico, Krystal Hu and David French in New York; Editing by Krishna Chandra Eluri and Shailesh Kuber via Reuters