This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.
The entrepreneurial ecosystem of Latin America is unstoppable! This Thursday, the firm Nu Holdings , which owns the world’s largest neobank Nubank , made its Initial Public Offering (IPO) on the New York Stock Exchange and Brazil, respectively, this Thursday.
Cortesía Nu
David Vélez, Cristina Junqueira and the Nubank team rang the bell that announced their entry to Nasdaq . The Brazilian neobank raised 2.6 billion in an initial public offering (IPO) with an initial price of $ 9 per paper.
The Latin company, – founded by the Colombian David Vélez, the Brazilian Cristina Junqueira and the American Edward Wible and backed by Warren Buffett-, has a valuation of 30,000 million dollars as a result of its most recent capital raise of 1,150 million.
Nubank started in Brazil as a Mastercard credit card operated 100% from a mobile application, and today it offers other services such as a debit card deposit account, personal loans, credit card reward products and deposit accounts for SMEs. .
What is an initial public offering?
An Initial Public Offering (IPO or IPO, for its acronym in English) is the process for a company to offer its shares for the first time in the stock market of a region.
Going public means that the company becomes a public company, with shares that are listed, and that investors can buy and sell in the public market. Anyone who buys shares (that is, who invests) becomes a shareholder in the company.
In the US and Brazil, yes. Mexico, no.
In a statement, Nubank said that the initial public offering is expected to take place after the SEC and CVM complete their respective review processes, subject to market conditions. At the moment, there will be no listing of shares on the Mexican Stock Exchanges or their registration in the National Securities Registry of the National Banking and Securities Commission of Mexico.
In August 2019, the startup announced the launch of its credit card in Mexico under the name Nu México and today they are testing with a group of users who signed up on a waiting list. They have a local team dedicated to creating products that work according to the needs of Mexicans.