Nubank stock opens 25% above IPO price, valuing company at nearly $52 billion

 Nubank stock opens 25% above IPO price, valuing company at nearly $52 billion

Nu Holdings Ltd.
NU,
14.78%
,
also known as Nubank, received a warm reception in its public debut Thursday, as the Brazil-based digital banking platform’s stock opened 25% above its initial public offering price, and kept rising. The company’s IPO priced late Wednesday at $9 a share, compared with the expected range of between $8 and $9 a share, as the company raised $2.6 billion. The stock’s first trade on the NYSE was at $11.25 at 1.07 p.m. Eastern for 14.1 shares. With about 4.61 billion total shares outstanding after the IPO, that first trading price valued the company at about $51.85 billion. The stock has extended gains since, to trade up 32.4% at $11.91. The company went public at a time when investors have shied away from recently IPO’d stocks, as the Renaissance IPO ETF
IPO,
-3.94%

has tumbled 14.8% over the past three months while the S&P 500
SPX,
-0.72%

has gained 4.4%.

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