November 1, 2019 / 2:47 PM / 12 days ago

Brazilian financial group XP Inc to list shares on Nasdaq: source

SAO PAULO (Reuters) - Brazilian financial services firm XP Inc will list its shares on Nasdaq in an initial public offering, according to a source with knowledge of the matter.

The company expects to price its shares on Dec. 12, the source added.

XP, which said earlier this year it plans to quadruple its assets under custody to 1 trillion reais ($251 billion) by December 2020, has hired the investment banking units of JPMorgan Chase & Co, Goldman Sachs and Morgan Stanley to manage the IPO.

Brazilian financial blog Brazil Journal earlier reported the XP listing on Nasdaq.

Founder Guilherme Benchimol, Itau Unibanco Holding SA, private equity firm General Atlantic LLC and asset manager Dynamo VC Administradora de Recursos Ltda are among XP’s largest shareholders.

Both XP and Itau will also be part of the syndicate managing the offering.

XP declined to comment on the matter.

Reporting by Carolina Mandl; editing by Jonathan Oatis

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