December 2, 2019 / 12:36 PM / 10 days ago

Brazil's largest digital broker XP expects IPO to raise $1.81 bln

Dec 2 (Reuters) - Brazil’s largest digital broker XP Inc said on Monday it expects its initial public offering to raise up to $1.81 billion, giving it a market value of about $14 billion.

The company expects its offering of 72.5 million class A shares to be priced between $22 and $25 per share, it said in a regulatory filing. (bit.ly/2RaBChm)

XP will use the proceeds from the Nasdaq listing to invest in marketing and advertising.

According to the filing, XP has 1.5 million clients and had total revenue of 3.44 billion reais ($819.75 million) in the first nine months of this year, while net income in the same period was 692 million reais ($164.90 million).

A group of partners led by XP’s founder and Chief Executive Officer Guilherme Benchimol, Brazil’s largest lender Itau Unibanco SA and investment firm General Atlantic are among XP’s shareholders.

Goldman Sachs, JPMorgan Chase & Co, Morgan Stanley, Itau BBA, Bofa, Citigroup, Credit Suisse and UBS are unerwriting the IPO.

$1 = 4.1964 reais Reporting by Abhishek Manikandan in Bengaluru; Editing by Rashmi Aich

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