Undaunted by the recent contraction of the Brazilian economy and steep interest rate hikes, Brazil-based digital bank Nubank priced its shares at the top of its revised target range to raise $2.6 billion in a stock market debut that values the company at $44 billion on a fully diluted basis.

The deal marks the second-largest fintech IPO of the year, after Coinbase, and it eclipses Robinhood's July debut in terms of funds raised and exit value. 

The shares will trade on the New York Stock Exchange and on Brazil's main market as well.

In the private market, Nubank was last valued at $30 billion over the summer, when the company raised $1.15 billion in a Series G led by Warren Buffett's Berkshire Hathaway. Top shareholders include Sequoia, DST Global, Tencent and Tiger Global.

The sale of 289 million shares at $9 apiece concludes Nubank's bumpy ride toward the public market as the Brazilian economy has declined. Last month, Nubank said it was scaling back the size of the deal and lowered its proposed IPO price range to $8 to $9 apiece, down from its initial range of $10 to $11.

While Nubank appears on track to become the largest bank in Latin America, the cutback in the IPO deal reflects investors' more conservative views on the company's growth outlook. 

Featured image courtesy of Nubank

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