Late on Friday, the 15th of November 2019, XP Inc., the largest broker of Brazil had filed for an initial public offering in the tech-heavy Nasdaq Composite. On top of that, according to Brazil’s XP Inc.’s IPO filing late on Friday (November 15h) in the Nasdaq Composite, the Brazilian digital broker was looking to a dual-class share structure, while the company was sketching out a plan to proffer a 10-times voting right to Class B shareholders than that of Class A shareholders during the public offering.
Meanwhile, according to XP Inc.’s Friday’s (November 15th) statement, leading US lenders such as Goldman Sachs, JPMorgan Chase & Co., Morgan Stanley, Citigroup, Bank of America and UBS alongside Swiss lender Credit Suisse and Brazilian lender Itau BBA, had been the underwriters of XP Inc.’s initial public offering.
Besides, according to primary prospectus of XP Inc.’s IPO proposal, the Brazilian digital broker had a havoc-scale figure of 1.5 million active clients, while the Largest digital broker in the Latin America had generated a net revenue of $889 million during the first three quarters of 2019 and the company’s net earnings were $168 million at the same period.
In point of fact, XP Inc. had received a banking license back in the 2018s and had been planning to be a full-service lender for the moment being.