Fintechs resort to IPOs in American market
One of the most anticipated IPOs of the year, by Nubank, is expected to take place in November and confirm a pattern that has been taking shape among fintechs: the listing in the American market. The offering, which could give the company a market capitalization between $50 billion and $70 billion, illustrates a move that has already been made by some Brazilian companies that have technology at the center of their businesses and which tends to gain more strength in the coming months, given the weakening of the local stock market, in a period of high interest rates and uncertainties arising from the electoral process.In addition to Nubank, Banco Inter has publicly expressed its intention to list its shares on Wall Street. And sources say that Locaweb, which launched its IPO in the Brazilian market in 2020, is also moving towards a dual listing. The company said in a note that "there is no advanced process of structuring the listing in the U.S., changing headquarters or any definition on the matter."What is clear, looking at the performance of the shares of Brazilian companies that are currently traded on Nasdaq or Nyse, is that the American market is increasingly seen as an alternative, especially for technology-related companies.This occurs because of the size of this market and also because of the access to investors who are more familiar with the profile of high-growth companies such as the "techs". Recently, this asymmetry of conditions has become even more marked by the instability of the Brazilian stock market, which made a series of IPOs unfeasible in the second half of this year in Brazil.One of the companies pulling the line towards New York in 2018, PagSeguro saw its shares rise 70% since its debut, well above the benchmark stock index Ibovespa, which fell 16.7% in dollar terms in the period, a survey by Meraki shows.Stone shares have appreciated 55% since its IPO, also in 2018, a period in which the Ibovespa fell 6.99% in dollars. XP is up 36% since its debut in New York, in 2019, while the Ibovespa fell 22% in the period.For Fabrício Larguesa, equity and derivatives trader at Meraki, the loss of traction in the Brazilian market explains part of this disadvantageous picture for shares traded here. The rise in interest rates and, more recently, the risk aversion environment that has been established in recent weeks has justified a migration of investors from the stock exchange to fixed income.And this resulted into a net outflow of...
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