This week: Nubank raises massive amounts in IPO. How Bolsonaro won Time’s Person of the Year poll. Free internet for students. And the latest on the Health Ministry hack.
The initial public offering of Brazilian digital bank Nubank exceeded expectations and pushed the company’s valuation to over USD 52 million. Share prices closed their first day of trading on the New York stock exchange up 14.56 percent.
Why it matters. Nubank not only became the most valuable financial institution in Latin America, but also the sixth-most valuable company in the region.
Stocks. About half of the available shares were quickly snatched by major investors such as Tiger, Sequoia, SoftBank, Baillie Gifford, and Dragoneer.
Made in Brazil, listed in NY. For Alex Ibrahim, head of international markets at the New York stock exchange, Brazil is a strong market for technology — but local tech companies will increasingly prefer listing their shares in other countries.
Yes, but … The result of Nubank’s first day on the stock exchange got mixed reactions among analysts, with some questioning if Nubank has been over-valued.
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