XP, a fast-growing retail brokerage in Brazil, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $1 billion.
The São Paulo, Brazil-based company was founded in 2001 and booked $1.0 billion in revenue for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol XP. XP filed confidentially on September 13, 2019. It had been on our Private Company Watchlist since December 2018. Goldman Sachs, J.P. Morgan, Morgan Stanley, XP Investimentos, Itau BBA, BofA Securities, Citi, Credit Suisse and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
