Nu Holdings, a leading digital banking platform serving Brazil, Mexico, and Colombia, filed on Monday with the SEC to raise up to $3.0 billion in an initial public offering. The company plans to dual list on the B3 Brazil under the symbol "NUBR33."
The Cayman Islands-based company plans to raise $3.0 billion by offering 289.2 million shares, including shares in the form of BDRs, at a price range of $10 to $11. At the midpoint of the proposed range, Nu Holdings would command a fully diluted market value of $50.8 billion.
Nu believes that it is one of the world's largest digital banking platforms, and one of the leading technology companies in the world, with 48.1 million customers across Brazil, Mexico, and Colombia as of September 30, 2021. Nu was the first digital-native banking platform in Latin America, and has grown its ecosystem of individual consumers and SMEs at a 110% CAGR since 2018.
Nu Holdings was founded in 2013 and booked $1.3 billion in revenue for the 12 months ended September 30, 2021. It plans to list on the NYSE under the symbol NU. Nu Holdings filed confidentially on August 2, 2021. Morgan Stanley, Goldman Sachs, Citi, Nu Invest, Allen & Company, HSBC, and UBS Investment Bank are the joint bookrunners on the deal.
