XP Inc. Announces Proposed Public Follow-On Offering
XP Inc. (XP) announced a public offering of 27,567,485 Class A common shares, with 7,130,435 shares from the company and 20,437,050 shares from ITB Holding Brasil Participações Ltda. The underwriters, including XP Investimentos, Itaú BBA, Morgan Stanley, and J.P. Morgan, may purchase an additional 4,135,122 shares. The registration statement on Form F-1 with the SEC has been filed but is not yet effective, meaning shares cannot be sold until it is. This offering aims to enhance XP's position in Brazil's financial services market.
- Commencement of a public offering of 27,567,485 Class A common shares may raise significant capital for XP.
- Involvement of reputable underwriters like Morgan Stanley and J.P. Morgan enhances credibility.
- Potential dilution of existing shares for current investors due to the offering of 27,567,485 shares.
- Regulatory uncertainties as the registration statement has not yet become effective.
SÃO PAULO, Brazil, Nov. 30, 2020 (GLOBE NEWSWIRE) -- XP Inc., or XP (Nasdaq: XP) announced today the commencement of an underwritten public offering of 27,567,485 Class A common shares, 7,130,435 of which are being offered by the Company and 20,437,050 of which are being offered by ITB Holding Brasil Participações Ltda. pursuant to a registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission (“SEC”). In connection with the offering, XP and the selling shareholder intend to grant the underwriters the option to purchase up to 4,135,122 additional Class A common shares.
XP Investimentos, Itaú BBA, Morgan Stanley and J.P. Morgan are acting as Global Coordinators and Joint Bookrunners of this offering.
The offering will be made only by means of a prospectus. Copies of the preliminary prospectus related to the offering may be obtained from: XP Investimentos, Tower 45, 55 West 46th Street, 30th Floor, New York, New York 10036; Itaú BBA, 540 Madison Avenue 24th Floor, New York, New York 10022, Attention: Equity Sales Desk, telephone: 1-212-710-6756 or by emailing roadshowdesk@itaubba.com; Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; or J.P. Morgan, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204.
A registration statement on Form F-1 relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. Copies of the registration statement can be accessed through the SEC’s website at www.sec.gov. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About XP
XP is a leading, technology-driven platform and a trusted provider of low-fee financial products and services in Brazil. XP’s mission is to disintermediate the legacy models of traditional financial institutions by:
- Educating new classes of investors;
- Democratizing access to a wider range of financial services;
- Developing new financial products and technology applications to empower clients; and
- Providing high-quality customer service and client experience in the industry in Brazil.
XP provides customers with two principal types of offerings, (i) financial advisory services for retail clients in Brazil, high-net-worth clients, international clients and corporate and institutional clients, and (ii) an open financial product platform providing access to over 750 investment products including equity and fixed income securities, mutual and hedge funds, structured products, life insurance, pension plans, real-estate investment funds (REITs) and others from XP, its partners and competitors.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “aim,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” variations of these terms or the negative of these terms and similar expressions are intended to identify these statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond XP Inc.’s control.
XP Inc’s actual results could differ materially from those stated or implied in forward-looking statements due to several factors, including but not limited to: competition, change in clients, regulatory measures, a change in external forces, among other factors.
For any questions, please contact:
| Carlos Lazar, Head of Investor Relations | Investor Contact: ir@xpi.com.br |
| André Martins, Investor Relations Specialist | IR Website: investors.xpinc.com |
| Natali Pimenta, Investor Relations Analyst |
FAQ
What is the purpose of XP's recent public offering?
How many shares are being offered by XP in this public offering?
Who are the underwriters for XP's public offering?
What are the potential risks associated with XP's stock offering?
When can the shares from XP's offering be sold?
