Nu Holdings Ltd. /zigman2/quotes/231028167/composite NU -1.04% , also known as Nubank, received a warm reception in its public debut Thursday, as the Brazil-based digital banking platform's stock opened 25% above its initial public offering price, and kept rising. The company's IPO priced late Wednesday at $9 a share, compared with the expected range of between $8 and $9 a share, as the company raised $2.6 billion. The stock's first trade on the NYSE was at $11.25 at 1.07 p.m. Eastern for 14.1 shares. With about 4.61 billion total shares outstanding after the IPO, that first trading price valued the company at about $51.85 billion. The stock has extended gains since, to trade up 32.4% at $11.91. The company went public at a time when investors have shied away from recently IPO'd stocks, as the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +3.03% has tumbled 14.8% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.44% has gained 4.4%.
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