Brazilian online lender Nubank is considering cutting the potential valuation of its initial public offering following a slump in technology stocks globally, Bloomberg News
reported Monday, citing people familiar with the matter.
reported Monday, citing people familiar with the matter.
Nubank declined to comment on the report.
Earlier this month, the Sao Paulo-based company said it aimed to raise nearly $3 billion at a valuation of more than $50 billion. At that valuation, Nubank — backed by Warren Buffett’s Berkshire Hathaway Inc — would have been worth more than Brazil‘s largest traditional lender Itau Unibanco Holding SA, which is currently valued at $38 billion.
While the IPO market in the US has been robust this year, investors were spooked by a new, possibly vaccine-resistant variant of the coronavirus, which led to a broad sell-off on Wall Street on Friday.
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