Brazilian digital banking platform Nu Holdings Ltd. set terms for its initial public offering on Tuesday, with plans to offer 289.2 million Class A shares, priced at $8 to $9 each. The company is also planning to list Class A shares in the form of Brazilian depositary receipts in Brazil, with each BDR representing 1/6(th) of a Class A ordinary share. The company has applied to list on the New York Stock Exchange, under the ticker ‘NU.’ Morgan Stanley, Goldman Sachs, Citigroup and Nu Invest Corretora de Valores SA are lead underwriters in a syndicate of 13 banks on the deal. Proceeds will be used for general corporate purposes. The company had a loss of $99.1 million in the nine months through Sept. 30, wider than the loss of $64.4 million posted in the year-earlier period. Revenue roughly doubled to $1.062 billion from $534.6 billion. The Renaissance IPO ETF has gained 0.5% in the year to date, while the S&P 500 has gained 24%.
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