XP Investimentos Corretora de Câmbio Títulos e Valores Mobiliários SA has resumed discussions with the banks it hired in 2017 for its planned IPO, Valor Econômico reported.
According to the newspaper, the Brazilian brokerage plans to debut in the stock market in the United States in January 2020.
The company's planned IPO in 2017 did not materialize after Itaú Unibanco Holding SA bought 49.9% of XP's total share capital in May that year.
XP then announced plans to postpone the IPO to the end of 2019 or more likely until 2020 due to lingering political and economic uncertainty in Brazil.
According to Valor's two unnamed sources, the brokerage would no longer hire Banco BTG Pactual SA and Banco Safra SA to help with the offering. JPMorgan, Itaú BBA, Morgan Stanley, Bank of America Merrill Lynch, Bradesco BBI, Goldman Sachs and XP itself would reportedly coordinate the IPO, according to the newspaper.
The IPO is expected to move $2.5 billion. Itaú will not be selling its shares in the secondary offering, according to the report.