Fees on the Nubank IPO were among the lowest of the year, Bloomberg revealed this week. Of the $2.6 billion the Brazilian fintech’s parent company, Nu Holdings, raised in the operation, only 1.6% are going to its underwriters, which included Goldman Sachs, Morgan Stanley, Citigroup and others.
“Among 490 IPOs in the U.S. so far this year, only three paid a smaller percentage,” Bloomberg noted.
The Brazilian press was quick to report that Nubank got itself “a bargain.” Their term, but it did indeed land a better deal than three other Brazilian fintechs that went public before it did: PagSeguro, which IPO’d on the New York Stock Exchange in 2018; StoneCo, which shed a lot of value since its 2018 IPO; and broker XP, which went public in 2019.
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According to Bloomberg, these respectively paid 2.4%, 3.6%, and 4.3% in fees. The difference is also stark in absolute terms, with Nubank set to pay $41.6 mi …