XP Inc. (XP) to Raise $1.7 Billion in IPO

XP Inc. (XP) expects to raise $1.7 billion in an initial public offering (IPO) on Wednesday, December 11th, IPO Scoop reports. The company plans to issue 72,500,000 shares at a price of $22.00-$25.00 per share.

In the last 12 months, XP Inc. generated $1 billion in revenue and $109.4 million in net income. The company has a market-cap of $13 billion.

Goldman Sachs, J.P. Morgan, Morgan Stanley, XP Investments and Itaú BBA served as the underwriters for the IPO and BofA Securities, Citigroup, Credit Suisse and UBS Investment Bank were co-managers.

XP Inc. provided the following description of their company for its IPO: ”  Our mission is to transform the financial markets in Brazil to improve the lives of people in our country, which is the 6th largest economy in the world with over 200 million people and a GDP of nearly US$2 trillion. We believe the financial services industry in Brazil is generally inefficient, expensive by international standards and provides poor client experiences, because it is dominated by five traditional financial institutions with US$1.5 trillion in assets that account for approximately 93% of retail assets under custody, or AUC, according to a report by Oliver Wyman published in 2019, and 80% of all consumer loans and 79% of all deposits, according to the Central Bank of Brazil. “.

XP Inc. was founded in 2001 and has 2091 employees. The company is located at Av. Chedid Jafet, 75, Torre Sul, 30th floor, Vila Olímpia – São Paulo, Brazil 04551-065 and can be reached via phone at +55 (11) 3075-0429. or on the web at http://www.grupoxp.com.br.

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