In Brief:
- Nubank of Brazil submitted filings to go public in the U.S.
- The IPO will begin after SEC and the CVM complete their review processes.
- The bank has over 40M customers in Mexico, Brazil, and Colombia.
The world’s leading digital bank, Nubank, submitted filings to go public in the U.S. According to the press release, the bank has filed documents with regulators in the United States and Brazil in connection with the initial public offering (IPO).
According to the company, it filed with both the U.S Securities and Exchange Commission (SEC) and the Brazilian Comissão de Valores Mobiliários (CVM). Both are regulators in their respective countries.
The IPO will begin in response to market and other conditions after the SEC and CVM have completed their respective review procedures.
Nubank intends to list in the United States with the intention of “negotiating a program of Brazilian Depositary Receipts” in its country.
The submission states “the registration and admission to negotiate a program of Brazilian Depositary Receipts (“BDRs”) in Brazil” and “the registration of initial public offering for distribution of BDRs in Brazil representing a fraction of Class A ordinary shares.”
Nubank provides low or no-fee digital banking products such as bank accounts, personal loans, life insurance, etc, and now has over 40 million customers in Columbia, Mexico, and Brazil.
Just two months back, Argo Blockchain PLC filed for an IPO in New York on the Nasdaq Global Market.
