Why Shares of the Buffett-Backed Nu Holdings Rose Today
Shares of the Brazilian fintech company Nu Holdings (NYSE: NU) shot up nearly 15% today after going public yesterday. With the initial public offering price at $9, Nu raised roughly $2.6 billion in IPO proceeds and is up nearly 32% on the week.
Nu, which offers digital banking services to a whopping 48 million customers in Latin America, is one of the largest IPOs of the year. Most traditional banks in Brazil charge very high fees and make simple banking processes much more difficult than here in the U.S.
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Source Fool.com
