Brazilian Nubank celebrates its IPO in New York – paper loses significantly at the close of trading

Nubank logo on the New York Stock Exchange

The Brazilian digital bank was worth $ 52 billion when it went public.


(Photo: Reuters)

Frankfurt US investors fought for the shares of the fintech Nubank at the start of trading. The paper of the Brazilian online bank rose to the IPO on the New York Stock Exchange to 11.25 dollars and are 25 percent above their issue price of nine dollars. This makes the institute worth $ 52 billion on the stock exchange and makes Nubank the most valuable financial institution in Latin America. By the close of trading, the paper lost much of its momentum and closed almost ten percent in the red.

Nubank had raised $ 2.6 billion from investors on Wednesday. The donors also include Berkshire Hathaway, the conglomerate of star investor Warren Buffett. Berkshire reportedly bought 10 percent of the shares Nubank had when it launched.

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