HomeInvestmentBuffett-Backed Nubank Hires Funding Banks For IPO

Buffett-Backed Nubank Hires Funding Banks For IPO

Carolina Mandl and David French

August 9. (Reuters) – Nubank, a Brazilian digital financial institution backed by Warren Buffett’s Berkshire Hathaway, has employed Morgan Stanley, Goldman Sachs and Citigroup to conduct an preliminary public providing in the USA, a supply acquainted with the matter mentioned Monday.

In June, Reuters reported that Nubank had invited funding banks to take part in an upcoming IPO, which might value the corporate greater than $ 40 billion.

At that valuation, Nubank’s IPO could be one of many South American firm’s largest inventory market debuts, placing it on par with different high-profile choices comparable to on-line brokerage Robinhood Markets Inc, which went public in July.

Nubank is predicted to use for an IPO by the tip of this 12 months or early 2022, sources advised Reuters.

Nubank, whose official title is Nu Pagamentos, declined to touch upon the matter. Morgan Stanley, Citi and Goldman Sachs declined to remark.

In June, Nubank raised $ 750 million in a funding spherical led by Berkshire Hathaway Inc. and valued it at $ 30 billion.

Based in 2013, Nubank has 40 million clients. Whereas most are in Brazil, fintech has lately expanded to Mexico and Colombia. (Reporting by Caroline Mandl in Sao Paulo and David French in New York; enhancing by Dan Grebler)

Supply hyperlink

Must Read