Inter Sets a Deadline for Its Brazilian Share Receipts
BRAZIL · MARKETS
Key Facts
- —The change Inter&Co will discontinue its sponsored BDRs, INBR32, on B3.
- —Last trade 16 October 2026 is the final trading day for INBR32.
- —The choice Holders have from 17 September to 16 October to pick one of three routes.
- —The default Doing nothing means the underlying shares are sold on Nasdaq and the proceeds paid in reais.
- —The replacement A new unsponsored programme, INBR34, starts trading on 19 October at one certificate per share.
- —The reason The company says running two registrations in two jurisdictions creates redundancy it wants to remove.
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Brazilian holders of Inter’s receipts have a month to decide. Silence counts as an instruction to sell.
Inter&Co has published the timetable for ending its sponsored Brazilian Depositary Receipts on B3. The final trading day for INBR32 is 16 October 2026.
What a BDR Is and Why Inter Had Them
A Brazilian Depositary Receipt is a certificate traded on B3 backed by shares of a foreign company held by a Brazilian depositary. Here the depositary is Bradesco.
Inter&Co listed its Class A shares on Nasdaq under INTR on 23 June 2022, moving its shareholder base out of the Brazilian listed entity.
Brazilian holders were given receipts so they could keep exposure without a United States brokerage account. INBR32 is a sponsored Level II programme at one receipt per share.
Chief executive João Vitor Menin said at the listing that becoming a fully listed United States company would give access to the largest capital market in the world.
The Three Routes, and the One That Happens by Default
The first option is to convert into Class A shares on Nasdaq at one for one. That requires an active United States brokerage account.
The second is to move into the new INBR34 programme, also one for one, with Bradesco still as depositary. It is an unsponsored Level I programme, which carries lighter disclosure obligations than the outgoing Level II.
The third is a sales facility, in which the underlying shares are sold on Nasdaq and the proceeds paid in reais at a single exchange rate, net of taxes.
Inaction leads to the third. Holders who do nothing are sold out automatically.
The election window runs from 17 September to 16 October at 15:00. Buying INBR32 in the final sessions carries settlement risk of being swept into the sale.
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The Timetable and the Approvals
The board approved the discontinuation on 27 January 2026. Brazil’s securities regulator approved it by majority vote, and Inter received the formal notice on 2 September.
The approval was partial in the sense that the regulator required Inter to offer three routes rather than defaulting every holder into a forced sale.
INBR34 begins trading on 19 October and is credited to migrating investors on 21 October. The sales facility closes on 17 November.
From 18 November the company begins cancelling its Category A foreign issuer registration in Brazil.
The company’s stated aim is to maximise efficiency and minimise redundancies from holding two registrations under two sets of market rules.
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Frequently Asked Questions
When is the last day to trade INBR32?
Friday 16 October 2026. The election window runs from 17 September to 16 October at 15:00.
What happens if a holder does nothing?
The underlying Class A shares are sold on Nasdaq through a sales facility and the proceeds are paid in reais, net of applicable taxes.
What is INBR34?
A new unsponsored Level I BDR programme, one certificate per Class A share, with Bradesco remaining as depositary. It begins trading on 19 October.
Why is Inter doing this?
It says running registrations in two jurisdictions, each with its own market rules, creates redundancy. It intends to cancel its Brazilian foreign issuer registration afterwards.
Sources: Inter&Co investor relations, CVM, Seu Dinheiro, Money Times, Renova Invest, Nasdaq.
This article was drafted with automated assistance and reviewed before publication. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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