Nubank files for double IPO: NYSE and B3

Nubank has officially filed for its IPO request on the New York Stock Exchange (NYSE) and Brazil’s B3. The largest neobank in Latin America (and also in the world) plans to use its IPO proceeds for working capital and acquisitions, among other investments. Nubank hopes to raise $3 billion (BRL 16.8 billion) with both offerings. It targets a market value of more than $50 billion for its initial public offering in the US, making the digital bank more valuable than Brazil’s largest bank, Itaú Unibanco, valued at $38 billion. At that size, the neobank’s IPO, reported Reuters, will rank as one of the biggest of the year in the U.S., alongside offerings from e-commerce company Coupang, Chinese app-based transportation company Didi Global and chipmaker GlobalFoundries.

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