LatAm List – The Brazilian financial broker XP Investimentos originally listed their stock at $27 per share, which jumped to $34.50 by the end of their first day of trading. The company raised over $1.81B in their IPO, becoming the fourth largest offering in the US this year.
XP originally launched in 2001 to provide brokerage and trading classes to Brazilians and has expanded into a full service group offering brokerage, fund management and distribution, and investment banking. Today, XP has over 1.5M customers and brought in $890M in revenue in 2019.
“The IPO will lead us to the next phase of disruption in the financial system in Brazil,” said XP’s CFO, Bruno Constantino. “Brazil has always been about a loose fiscal policy and a tight monetary policy, but now for the first time in our lives we’re seeing the opposite.”
XP will use the money raised in the listing to create new lines of business, including banking services for existing customers.
Read more in Financial Times.
