Nubank stock opens 25% above IPO price, valuing company at nearly $52 billion

Nu Holdings Ltd. NU, +13.89%, besides known arsenic Nubank, received a lukewarm reception successful its nationalist debut Thursday, arsenic the Brazil-based integer banking platform's banal opened 25% supra its archetypal nationalist offering price, and kept rising. The company's IPO priced precocious Wednesday astatine $9 a share, compared with the expected scope of betwixt $8 and $9 a share, arsenic the institution raised $2.6 billion. The stock's archetypal commercialized connected the NYSE was astatine $11.25 astatine 1.07 p.m. Eastern for 14.1 shares. With astir 4.61 cardinal full shares outstanding aft the IPO, that archetypal trading terms valued the institution astatine astir $51.85 billion. The banal has extended gains since, to commercialized up 32.4% astatine $11.91. The institution went nationalist astatine a clip erstwhile investors person shied distant from precocious IPO'd stocks, arsenic the Renaissance IPO ETF IPO, -3.72% has tumbled 14.8% implicit the past 3 months portion the S&P 500 SPX, -0.30% has gained 4.4%.