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SoftBank-backed Banco Inter says won’t proceed with Nasdaq listing -Breaking

by Mike Robinson

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© Reuters.

SAO PAULO, (Reuters) – According to a Securities filing filed on Thursday, Banco Inter SA, a Brazilian digital lender said that it would not pursue a Nasdaq listing for the moment.

Inter is supported by Japan’s SoftBank Group Corp. It expected shareholders to ask for less than 2 Billion Reis. However, the vast majority of its Brazilian shares would be swapped for those listed in U.S. Depositary Receipts. However, the bank stated that requests for cashouts exceeded 2 billion Brazilian Reals.

Banco Inter offered investors 45.84 Brazilian Reals per Unit for those who are not interested in moving to the United States. However, units were trading lower than that, which made the cash deal even more appealing. The closing price of units at Inter was 32.99 reais.

Helena Caldeira (CFO) stated in a recent interview that she has the authority to examine the transaction and possibly lower the cash-out amount. However, no timeframe was given.

According to the bank, it had previously stated that it would list in the United States because of its “more accessibility to global capital markets” and potential larger investor base.

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