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2021-12-01
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Tencent- and Berkshire Hathaway-backed neobank NuBank trims IPO to ~$47B valuation
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The BDRs, which will trade on the Brazilian Stock Exchange, will be worth one-sixth of a Class A share apiece.</p>\n<p>Additionally, NU reiterated plans to have Class B shares for company co-founders David Osorno, Cristina Zingaretti Junqueira and Adam Wible or their affiliates. Each Class B share will have 20 votes vs. one vote per Class A share, giving the founders some 86.9% of the company’s voting power − including 75% just for Osorno, who’s also the bank’s CEO.</p>\n<p>All told, NuBank (NU) now expects to have some 4.6B Class A and B shares outstanding following the offering. That will value the company at about $36.9B to $47.1B on a non-diluted basis, depending on how many overallotment shares underwriters buy and where the IPO prices within its forecast range. By contrast, the IPO’s initial terms put NU’s non-diluted value at up to $50B.</p>\n<p>Eight-year-old NuBank (NU) has been shaking up Latin America’s financial-services industry by running a digital-first operation that offers consumers credit cards, personal loans, life insurance and more. The popular bank has more than 48M customers in Brazil, Colombia and Mexico.</p>\n<p>In addition to Sequoia Capital and Tiger Global, NU’s other major pre-IPO backers include Tencent(OTCPK:TCEHY)and DST, while Warren Buffett’s Berkshire Hathaway (BRK.A,BRK.B) invested $500M in June.</p>\n<p>NuBank (NU) wrote in its revised F-1 that it expects to net some $2.4B from the IPO, rising to about $2.6B if underwriters fully exercise their overallotment options. The bank said it plans to use the money for working capital, operating expenses, capital expenditures, possible acquisitions and other general corporate purposes.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tencent- and Berkshire Hathaway-backed neobank NuBank trims IPO to ~$47B valuation</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTencent- and Berkshire Hathaway-backed neobank NuBank trims IPO to ~$47B valuation\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-12-01 08:55 GMT+8 <a href=https://seekingalpha.com/news/3775633-tencent-and-berkshire-hathaway-backed-nubank-trims-ipo><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Hot Latin American neobank NuBank (NU) scaled back its upcoming U.S.-Brazilian dual-listing IPO Tuesday, estimating the go-public deal will now value the Tencent- and Berkshire Hathaway-backed firm at...</p>\n\n<a href=\"https://seekingalpha.com/news/3775633-tencent-and-berkshire-hathaway-backed-nubank-trims-ipo\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NU":"Nu Holdings Ltd."},"source_url":"https://seekingalpha.com/news/3775633-tencent-and-berkshire-hathaway-backed-nubank-trims-ipo","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1169003166","content_text":"Hot Latin American neobank NuBank (NU) scaled back its upcoming U.S.-Brazilian dual-listing IPO Tuesday, estimating the go-public deal will now value the Tencent- and Berkshire Hathaway-backed firm at $47.1B − $3B less than originally expected.\nNU wrote in a revised F-1 filing with the U.S. Securities and Exchange Commission that it now expects the bank’s Class A shares will fetch $8 to $9 a piece, down from the $10-$11/share that the firm previously forecast.\nAnd while NuBank (NU) reiterated plans to offer as many as roughly 289.2M Class A shares through the offering, the firm scaled back and modified terms of underwriters’ overallotment options.\nWhereas certain of NU’s pre-IPO investors had previously planned to offer some 43.4M Class A shares for overallotments, the bank has instead granted underwriters the option to buy roughly 28.6M such shares directly from the NuBank (NU) itself.\nThe neobank also disclosed for the first time that a virtual who’s who of A-list investors have expressed non-binding interest in collectively buying $1.3B of its Class A IPO shares.\nPurchasers include major pre-IPO backers Sequoia Capital and Tiger Global Management, along with entities affiliated or managed by Baillie Gifford, Dragoneer, Invesco, Morgan Stanley, Sands Capital Management and SoftBank.\nThe company also plans to make some $32.2M of Brazilian Depositary Receipts (or BDRs) available to employees and institutional investors, while also using some for a customer-loyalty program. The BDRs, which will trade on the Brazilian Stock Exchange, will be worth one-sixth of a Class A share apiece.\nAdditionally, NU reiterated plans to have Class B shares for company co-founders David Osorno, Cristina Zingaretti Junqueira and Adam Wible or their affiliates. Each Class B share will have 20 votes vs. one vote per Class A share, giving the founders some 86.9% of the company’s voting power − including 75% just for Osorno, who’s also the bank’s CEO.\nAll told, NuBank (NU) now expects to have some 4.6B Class A and B shares outstanding following the offering. That will value the company at about $36.9B to $47.1B on a non-diluted basis, depending on how many overallotment shares underwriters buy and where the IPO prices within its forecast range. By contrast, the IPO’s initial terms put NU’s non-diluted value at up to $50B.\nEight-year-old NuBank (NU) has been shaking up Latin America’s financial-services industry by running a digital-first operation that offers consumers credit cards, personal loans, life insurance and more. The popular bank has more than 48M customers in Brazil, Colombia and Mexico.\nIn addition to Sequoia Capital and Tiger Global, NU’s other major pre-IPO backers include Tencent(OTCPK:TCEHY)and DST, while Warren Buffett’s Berkshire Hathaway (BRK.A,BRK.B) invested $500M in June.\nNuBank (NU) wrote in its revised F-1 that it expects to net some $2.4B from the IPO, rising to about $2.6B if underwriters fully exercise their overallotment options. 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