Brazilian fintech Inter & Co. (INTR), previously generally known as Banco Inter, migrated its shares from Brazil’s B3 trade to Nasdaq on Thursday because it seeks to increase its footprint within the US market.
Shares of Inter opened at $3.98, just lately altering arms at $3.67 at roughly 1:10 p.m. ET.
In Could, Banco Inter introduced that it was altering its identify and itemizing its Class A standard shares on Nasdaq. The corporate’s inventory will proceed to commerce on Brazil’s B3 as Brazilian depositary receipts, backed by its Class A standard shares on Nasdaq.
“As Inter&Co turns into a totally listed U.S. firm, we’ll acquire entry to the biggest capital market on this planet, remaining centered on additional strengthening our market and monetary positioning whereas delivering worthwhile development,” stated Inter & Co. Chief Govt Officer João Vitor Menin, in a press release.
Primarily based in Brazil, Inter has developed a “tremendous app” platform that gives monetary and non-financial companies to prospects in Brazil. The corporate, which just lately acquired US-based fintech USEND, stated it’s searching for to duplicate its enterprise mannequin for the US market.
For extra IPO information, try SA’s IPO Information web page.