June 29, 2020 / 10:03 PM / 15 days ago

Brazil's XP files for share offering, sees second quarter profit doubling

FILE PHOTO: General view of XP Inc. headquarters in Sao Paulo, Brazil December 11, 2019. REUTERS/Amanda Perobelli

SAO PAULO (Reuters) - Brazilian brokerage firm XP Inc (XP.O) filed on Monday for a secondary share offering, saying its second-quarter profit is likely to double from a year earlier, according to a securities filing.

Private equity firm General Atlantic LLC e XP Controle Participacoes will sell 19,535,420 class A common shares in the offering, the broker said.

The move comes roughly six months after XP debuted on Nasdaq in a much-anticipated initial public offering, when its shares were priced at $27. Since then, shares have risen more than 60%.

XP also said it is likely to post a second-quarter profit between 420 million reais and 520 million reais, up from 228 million reais a year ago, as net inflows from clients have accelerated.

Investment banking units of Morgan Stanley, Goldman Sachs and JPMorgan Chase will manage the offering.

Reporting by Alberto Alerigi, writing by Carolina Mandl; Editing by Sonya Hepinstall

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