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Brazil’s Nubank slashes IPO valuation to over $40 billion -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The logo for Nubank is seen at the bank headquarters in Sao Paulo (Brazil) June 19, 2018. REUTERS/Paulo Whitaker/File Photograph

(Reuters) – Nubank lowered Tuesday the price range for its U.S. initial publicly offered, bringing down the targeted valuation of the Brazilian online lender by almost $10 billion to as low as $41.5 billion.

According to an amended filing filed with the U.S Securities and Exchange Commission (Sao Paulo), the company stated that it now plans on selling approximately 289.2million shares, priced between $8 and $10 each. The top of this range would see it raise $2.6billion.

Nubank originally planned to raise $3Billion at a valuation exceeding $50 Billion by selling shares for $10 and $11 per share.

Although the US IPO market has performed well this year, Friday’s discovery of a vaccine-resistant coronavirus prompted a large sell-off.

As investors wait for more information on Omicron, the markets have slowed down.

Morgan Stanley (NYSE:), Goldman Sachs (NYSE:), Citigroup NuInvest and (NYSE:) are Nubank’s lead underwriters.

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