Brazil's largest digital broker, XP Inc, on Friday filed for an initial public offering on Nasdaq. The company plans a dual-class share structure giving controlling shareholders of Class B shares 10 times the voting rights of Class A shares sold in the offering. Goldman Sachs, JPMorgan Chase & Co, Morgan Stanley, Itau BBA, Bofa, Citigroup, Credit Suisse and UBS are the IPO's underwriters.
According to the preliminary prospectus, XP has 1.5 million clients and had revenue in the first nine months of the year of 3.7 billion reais ($889 million). Net income in the same period was 700 million reais ($168 million). The broker received a banking license last year and plans to become a full-service lender.
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