Brazil’s Nubank slashes IPO price by 20% and may be worth ‘only’ US$40 billion

Nubank decided to cut the price range of its initial public offering (IPO) after a setback in the mood of international markets with fintechs. The suggested range for the securities was reduced by 20% to between R$7.45 and R$8.38.

RIO DE JANEIRO, BRAZIL - The institution also announced a substantial list - compatible with the glamour it already has in its investor base - of anchors for the offering, which guaranteed at least US$1.3 billion for the operation, equivalent to R$7.3 billion.

In this list are Sequoia, Tiger, Softbank, Baillie Gifford (which besides Nubank only entered Raízen's IPO), Sands Capital, Invesco, Counterpoint Global (linked to Morgan Stanley's asset management company, lead coordinator of the offering), and some funds from JP Morgan.

With the adjustment in the suggested price range, the base offer of the operation . . .

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