Digital lender Nubank’s shares opened 25% above the offer price in their stock market debut today.
The surge gave the company a market capitalization of nearly $52 billion, making it the third most valuable listed firm in Brazil.
Nubank has said it had turned a profit in the first half of 2021 in its Brazilian operations. Founder and Chief Executive Officer David Velez said the company will stay focused on three markets – Brazil, Mexico and Colombia.
Nubank’s investors include Sequoia Capital, Tiger Global Management and SoftBank Latin America Funds.
Having become one of Brazil’s biggest credit card issuers, Nubank has pioneered products that have spawned off a fierce race among competitors.
The company’s stock opened at $11.25 per share, compared with the initial public offering price of $9 per share.
Morgan Stanley, Goldman Sachs & Co, Citigroup and NuInvest are the lead underwriters for the offering.