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Report: XP Investimentos taps banks to manage IPO in US

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Report: XP Investimentos taps banks to manage IPO in US

Brazilian brokerage firm XP Investimentos Corretora de Câmbio Títulos e Valores Mobiliários SA has engaged the investment banking subsidiaries of JPMorgan, Goldman Sachs and Morgan Stanley to coordinate a planned initial public offering in the U.S., two sources with knowledge of the matter told Reuters.

XP, which plans to execute the IPO by January 2020, will also manage the offering alongside Itaú Unibanco Holding SA, the sources said.

The Rio de Janeiro-based company was reportedly exploring a $1 billion listing in 2017, but shelved the plan after agreeing to sell a 49.9% stake to Itaú for roughly 6.3 billion Brazilian reais.

Earlier in 2019, XP was said to have again postponed the planned offering due to lingering political and economic uncertainty in Brazil. At the time, the firm was reportedly expected to be valued at around 50.00 billion reais.

XP is aiming to quadruple its assets under custody to 1 trillion reais by December 2020, Reuters reported.

As of Sept. 12, US$1 was equivalent to 4.06 Brazilian reais.