November 15, 2019 / 9:22 PM / a month ago

Brazil's largest digital broker files for Nasdaq IPO

SAO PAULO, Nov 15 (Reuters) - Brazil’s largest digital broker, XP Inc, on Friday filed for an initial public offering on Nasdaq.

The company plans a dual-class share structure giving controlling shareholders of Class B shares 10 times the voting rights of Class A shares sold in the offering.

Goldman Sachs, JPMorgan Chase & Co, Morgan Stanley, Itau BBA, Bofa, Citigroup, Credit Suisse and UBS are the IPO’s underwriters.

According to the preliminary prospectus, XP has 1.5 million clients and had revenue in the first nine months of the year of 3.7 billion reais ($889 million). The net income in the same period was 700 million reais ($168 million), according to the filing.

The broker received a banking license last year and plans to become a full-service lender.

The preliminary filing did not specify a price range or the number of shares the broker plans to sell. The offering will be managed by investment banking units of Goldman Sachs, JPMorgan Chase & Co, Morgan Stanley, Itau Unibanco SA, Bank of America, Citigroup, Credit Suisse Group and UBS. ($1 = 4.1637 reais) (Reporting by Tatiana Bautzer; Editing by Cynthia Osterman)

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