Business

Brazil's largest digital broker XP files for Nasdaq IPO

In the document it delivered to Nasdaq, XP reported more than 1.5 million active customers

XP headquarters in Brazil
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  • The offer will be primary and secondary;
  • Part of the funds raised will go to XP’s expansion, and the other part to the selling shareholders, ie the broker’s controlling partners and the private equity funds General Atlantic and Dynamo.

Last Friday (15), a holiday in Brazil, XP Investimentos filed with the Secutities and Exchange Commission (SEC) the request to make an initial IPO on the Nasdaq, in the United States.

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According to the Brazilian newspaper Valor Econômico, the offer will be primary and secondary (part of the funds raised will go to XP’s expansion, and the other part to the selling shareholders, ie the broker’s controlling partners and the private equity funds General Atlantic and Dynamo).

According to Nasdaq news service, in the document it delivered to Nasdaq, XP reported more than 1.5 million active customers and a revenue of BRL 3.7 billion ($889 million) in the first nine months of the year.