Nu Holdings Ltd., now Latin America’s most valuable financial company, rose 15% in its trading debut after raising US$2.6 billion in a U.S. initial public offering.
Shares of the Brazilian digital bank, whose backers include Warren Buffett’s Berkshire Hathaway Inc., opened trading Thursday at US$11.25 after selling for US$9 each in the IPO. The shares closed at US$10.33 in New York, giving the the company a market value approaching US$48 billion.
That surpasses the US$37 billion market capitalization for Itau Unibanco Holding SA, previously the region’s most valuable financial company. Accounting for employee stock options and restricted stock units, Nubank has a fully diluted value of more than to US$50 billion.