Brazil's XP Prices IPO Above Range at $27

XP Inc. (NASDAQ: XP) announced the pricing of its initial public offering of 72,510,641 of its Class A common shares at a public offering price of $27 per share, above the expected $22-$25 range. XP Inc. is issuing and selling 42,553,192 Class A common shares and certain selling shareholders are selling 29,957,449 Class A common shares. The shares are expected to begin trading on the Nasdaq Global Select Market today, under the symbol “XP” and the offering is expected to close on December 13, 2019.

In connection with the offering, the selling shareholders have granted the underwriters a 30-day option to purchase up to an additional 10,876,596 Class A common shares at the initial public offering price less the underwriting discount.

Goldman Sachs & Co. LLC, J.P. Morgan, Morgan Stanley, XP Investments and Itaú BBA are acting as Global Coordinators in the offering, and Goldman Sachs & Co. LLC, J.P. Morgan, Morgan Stanley, XP Investments, Itaú BBA, BofA Securities, Citigroup, Credit Suisse and UBS Investment Bank are collectively acting as Joint Bookrunners of the offering.

XP is a leading, technology-driven financial services 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 600 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.

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