According to these sources, the company has not yet decided between the New York Stock Exchange or Nasdaq, but it has already settled on the calendar: the goal is for the offering to be priced in mid-December or late January 2020.
The offering should be mostly primary — according to one source, the breakdown is at 80-20 at this point — and XP is expected to make a confidential filing with the SEC in the coming days.
Banks that have had access to the numbers say XP is expected to post a net profit of BRL 1 billion in 2019 (more than double the previous year) and its assets under custody already exceed BRL 300 billion. The company has publicly stated a target of BRL 1 trillion in assets under custody by the end of 2020.
In 2017, when Brazilian bank Itaú Unibanco bought 49% of XP, it valued the company at BRL 12.6 billion on a post-money basis. Now, a multiple of 30 times over a BRL 2 billion 2020 profit could value the company at BRL 60 billion in the IPO.
For comparison, the four largest publicly listed Brazilian banks — those whose business model XP works to disrupt — have a combined market value of about BRL 850 billion.
XP declined to confirm the information alleging it has started its quiet period.
