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In 2021, we wondered if Brazil could see an IPO bonanza. It didn’t happen: Not only is Latin America’s largest economy experiencing the same IPO drought as the rest of the world, but one of its most well-known listings, Nubank, is also coming to a sudden end. let’s explore — Anna
What does that mean?
Nubank is one of Latin America’s preeminent neobanks, and when its parent company Nu Holdings decided to go public with a dual listing in New York and São Paulo, the operation was one of the most anticipated exits of 2021 among Brazilian and fintech observers .
There were some bumps along Nubank’s road to the IPO — like when it raised its shares from $11 to $9 before exiting. But the fact that its debut on Dec. 9 did well, and that its market cap has declined but not plummeted, could be taken as a relative success.
Fast forward to last week when surprising news emerged: “Nubank Delisted From Brazil’s B3 Stock Exchange,” read a headline from Bloomberg Línea. There are more nuances: As the article details, the fintech will indeed be “restructuring its Brazilian Depositary Receipts (BDRs) program with the move from Level III to I.” Confused? You are not alone.
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