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Report: XP Investimentos postpones IPO amid uncertainty in Brazil

Brazil's XP Investimentos Corretora de Câmbio Títulos e Valores Mobiliários SA has decided to postpone its planned IPO until the end of 2019 or, more likely, until 2020 due to lingering political and economic uncertainty, four sources linked to the company told Valor Econômico.

In addition to the uncertainty, XP's partners also believe the company is not in urgent need of capital, the anonymous sources said.

According to the newspaper, XP is currently making preparations to meet U.S. regulatory requirements for its anticipated listing in New York. The brokerage is reportedly expected to be valued at around 50.00 billion Brazilian reais.

Meanwhile, Brazil's central bank is in the process of scrutinizing the planned launch of XP's banking affiliate, which the company hopes to do in 2019. Delays in securing approval for that launch also played a part in XP deciding to postpone the IPO, the sources said.

According to Valor, the IPO postponement may also be related to a dispute between XP and Banco BTG Pactual SA, which earlier filed a complaint against XP for allegedly breaching certain agreements signed when it sold a stake to Itaú Unibanco Holding SA in 2018. XP reportedly does not want that case to influence its planned IPO.

XP was exploring a potential IPO in 2017, but withdrew from the plan once it reached the stake sale agreement with Itaú.

As of March 25, US$1 was equivalent to 3.87 Brazilian reais.