Brazilian financial services firm XP Inc. is thinking about pricing its Nasdaq initial public offering above the US$22.00 to US$25.00 per share indicative price range it announced earlier, Bloomberg Law reported, citing people familiar with the matter.

Demand has reached up to 10x the equity offering, which is due to be priced Dec. 10 and could generate up to US$2.1 billion, the sources said.

The company previously said up to 83,387,237 class A common shares will be sold in the IPO, adding that entities advised by Durable Capital Partners LP have expressed interest in purchasing up to 7,251,064 shares.

XP plans to use proceeds from the sale of shares it owns for working capital requirements, marketing and advertising, and investments in new financial services, among other uses.