The outlook for new equity issuance from Brazilian financial institutions in 2020 has been brightened by the strong performance of XP Investimentos’ IPO in December 2019.
The Brazilian financial services group sold nearly $2 billion in shares on Nasdaq to become the fourth-largest US IPO offering in 2019. The transaction priced at $27, above the initial price range of $22 to $25, and then kept going: the stock popped by 28% in the first day of trading, which took the valuation of the company to more than $19 billion – more than Banco BTG Pactual (at $15.7
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