A XP (XP) announced on Monday actions, including company papers held by the Itaú Unibanco (ITUB4), worth up to $ 1.3 billion, including additional lot.
The offer consists of 27,567,485 XP class A common shares, of which 20.4 million are held by Itaú Unibanco.
An additional batch of up to 4.1 million papers will also be offered.
XP shares ended the day at $ 41.01 in New York.
On Thursday, Itaú’s board approved a spin-off of the 41.05% stake it holds in XP for a new company, with the possibility of selling the remaining 5% stake it holds in the investment group.
The offer announced on Monday is coordinated by XP Investimentos, Itaú BBA, Morgan Stanley and JPMorgan.
According to the XP prospectus, the company estimates to raise $ 290.4 million from the offer after discounts and commissions. The company intends to use the resources to develop new products, “such as the recently launched credit card and digital account”.
The proceeds will also be used to accelerate the growth of the customer base and finance future acquisitions, although the company says it “has no current plan” to purchase assets.
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