Shares of Brazilian financial services company XP Inc. on Dec. 11 closed their first day of trading on the Nasdaq at $34.46 apiece, about 28% above their initial public offering pricing.

The company had priced its IPO at US$27 per share, though its initial range was $22.00 to $25.00 per piece.

During the offering, the company and some existing shareholders issued and sold a total of 72,510,641 class A common shares. Underwriters have the option to purchase up to an additional 10,876,596 shares. The Dec. 11 closing price puts XP Inc.'s market cap at $19 billion.

If the overallotment option is fully exercised, the amount raised under the IPO would rise to about $2.25 billion from a projected $1.96 billion.

According to Bloomberg, XP's IPO is the largest U.S. listing by a Brazilian company since PagSeguro Digital Ltd.'s 2018 offering, which was worth US$2.61 billion.

Meanwhile, XP CEO Guilherme Benchimol said a listing on the Brazilian stock exchange is a possibility, but this would require regulatory changes in the Latin American country, Estadão reported.

Under Brazilian law, XP is confined to restrictions such as its dual class structure of the offering, where class B shareholders holding 10x more votes than class A shareholders. At the same time, super common shares are not allowed under Brazilian law, but changes to this regulation are now being studied.