XP Inc. announced Dec. 13 the conclusion of its initial public offering, estimating net proceeds to have clocked in at $1.1 billion, the Brazilian financial services company said in a filing.

XP sold 83,387,237 million Class A common shares at a price of $27.00 per share. The stock had closed its first day of trading at $34.46 apiece, about 28% above the initial public offering pricing, and surged further on Dec. 13 to end at $37.70.

The capital raised will be used to strengthen XP's banking unit, in part by expanding product range and introducing a credit card line, CEO Guilherme Benchimol told Reuters earlier.

The global coordinators of the offering were Goldman Sachs & Co. LLC, J.P. Morgan, Morgan Stanley, XP Investments and Banco Itaú BBA SA.