One of the most anticipated U.S.-listed initial public offerings from a foreign fintech company takes place today. The Brazilian startup Nubank will have its IPO in America, with industry watchers closely monitoring how the market reacts. If Nubank’s IPO booms, it could signal the start of a wave of other Latin American startups to go public, reports Reuters. Here’s what you need to know:
- What is Nubank? Nubank is a neobank based in Brazil. It was founded in 2013 by David Velez after he had trouble opening up a checking account in the country (via Reuters). Nubank has about 48 million users, according to Iupanna.
- What is a “neobank”? It’s a buzzy term for an e-bank. That is, a virtual or internet-based bank that operates online only and doesn’t have physical branches.
- What exchange will Nubank trade on? According to the company’s press release, it will trade on the New York Stock Exchange.
- What is Nubank’s stock ticker symbol? Nubank will trade under the ticker “NU” on the New York Stock Exchange.
- What is the IPO price? Nubank shares will begin trading for $9 each, according to the company’s press release. There will be 289,150,555 Class A ordinary shares available.
- Anything else I should know? You might not have heard of Nubank before now, but big-name investors have. Well-known names that have already invested in the company include Tencent Holdings, Sequoia Capital, and Warren Buffett’s Berkshire Hathaway.