Nu Holdings, a leading digital banking platform serving Brazil, Mexico, and Colombia, lowered the proposed deal size for its upcoming IPO on Tuesday. The company plans to dual list on the B3 Brazil under the symbol "NUBR33." In its latest filing, Nu Holdings also disclosed indications of interest from new and existing investors.
The Cayman Islands-based company now plans to raise $2.5 billion by offering 289.2 million shares, including shares in the form of BDRs, at a price range of $8 to $9. The company had previously filed to offer the same number of shares at a range of $10 to $11. New and existing investors intend to purchase $1.3 billion worth of shares in the offering (53% of the deal). At the midpoint of the revised range, Nu Holdings will raise -19% less in proceeds than previously anticipated.
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. Morgan Stanley, Goldman Sachs, Citi, Nu Invest, Allen & Company, HSBC, and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of December 6, 2021.
