Nu Holdings Ltd. Announces Launch of Initial Public Offering
November 30 2021 - 7:30AM
Business Wire
Nu Holdings Ltd. (NYSE: NU | B3: NUBR33), (“Nu”), one of
the world’s largest digital banking platforms and one of the
leading technology companies in the world, today announced the
launch of its initial public offering, consisting of an
international offering of up to 289,150,555 Class A ordinary shares
pursuant to a registration statement on Form F-1 filed with the
U.S. Securities and Exchange Commission (“SEC”), and a concurrent
offering in Brazil of Class A ordinary shares in the form of
Brazilian depositary receipts (“BDRs”) to be registered with the
Brazilian Securities Commission (“CVM”), each BDR representing
1/6th of a Class A ordinary share (together, the “global
offering”). The number of Class A ordinary shares to be sold in the
international offering may be reduced by a portion of the Class A
ordinary shares that are initially being offered in the form of
BDRs in the concurrent Brazilian offering. The estimated price
range for the international offering is US$8.00 to US$9.00 per
Class A ordinary share, and the estimated price range for the
concurrent Brazilian offering is R$7.45 to R$8.38 per BDR, based on
the November 26, 2021 exchange rate of R$5.5865 to US$1.00
published by the Central Bank of Brazil, and considering that each
BDR will represent 1/6th of a Class A ordinary share. Nu has been
approved to list its Class A ordinary shares on The New York Stock
Exchange under the symbol “Nu,” and intends to trade the BDRs with
the B3 S.A. – Brasil, Bolsa, Balcão under the symbol “NUBR33.”
Certain funds and accounts advised by Baillie Gifford Overseas
Ltd. or one of its affiliates; one or more funds or accounts
managed by the Counterpoint Global (Morgan Stanley Investment
Management Inc.); one or more entities affiliated with Dragoneer
Investment Group, LLC; certain funds and accounts advised by the
subsidiaries of Invesco Ltd.; certain funds or accounts advised or
managed by J.P. Morgan Investment Management Inc. and affiliates
thereof; certain entities and accounts managed by or affiliated
with Sands Capital Management, LLC; SBLA Holdings (Cayman) L.P. and
SLA Holdco I LLC (also known as the SoftBank Latin America Funds);
Sequoia Capital Global Equities, an affiliate of Sequoia Capital;
one or more entities affiliated with TCV; and one or more entities
affiliated with Tiger Global Management, LLC (collectively, the
“cornerstone investors”) have indicated an interest in purchasing
an aggregate amount of at least US$1.3 billion of our Class A
ordinary shares in the international offering at the initial public
offering price. These indications of interest have been made
severally and not jointly. Because these indications of interest
are not binding agreements or commitments to purchase, the
cornerstone investors may decide to purchase more, fewer, or no
shares in this offering, or the underwriters may decide to sell
more, fewer or no shares to the cornerstone investors. The
underwriters, as a group, will receive the same discount on any
Class A ordinary shares purchased by the cornerstone investors as
they will from any other Class A ordinary shares sold to the public
in the international offering.
In connection with the international offering, Nu expects to
grant the underwriters a 30-day option to purchase up to an
additional 28,571,429 Class A ordinary shares at the initial public
offering price, less underwriting discounts and commissions.
Nu intends to use the net proceeds from the offering for general
corporate purposes, including working capital, operating expenses,
and capital expenditures. Additionally, Nu may use a portion of the
net proceeds to acquire or invest in businesses, products,
services, or technologies.
The offering is being made through an underwriting group led by
Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC,
Citigroup Global Markets Inc. and Nu Invest Corretora de Valores
S.A..
The offering will be made only by means of a prospectus. When
available, copies of the preliminary prospectus may be obtained by
contacting: Morgan Stanley & Co. LLC, Attention: Prospectus
Department, 180 Varick Street, 2nd Floor, New York, New York 10014;
Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200
West Street, New York, New York 10282, or by telephone at (866)
471-2526; or Citigroup Global Markets Inc., c/o Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, New York
11717, or by telephone at (800) 831-9146.
A registration statement on Form F-1, including a prospectus
which is preliminary and subject to completion, relating to the
Class A ordinary shares has been filed with the SEC, but has not
yet become effective. These securities may not be sold, nor may
offers to buy be accepted, prior to the time the registration
statement becomes effective. Copies of the registration statement
can be accessed through the SEC’s website at www.sec.gov.
The Brazilian offering of the BDRs has been registered with and
approved by the CVM. This press release does not constitute an
offer to sell or a solicitation of an offer to buy the securities
described herein, nor will there be any sale of these securities in
any state or jurisdiction in which such an offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
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version on businesswire.com: https://www.businesswire.com/news/home/20211130005652/en/
Investor Contact: Federico Sandler ir@nubank.com.br
Media Contact: Leila Suwwan press@nubank.com.br
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