(Bloomberg) -- Nu Holdings, the Brazilian fintech firm backed by billionaire Warren Buffett's Berkshire Hathaway Inc., has picked the New York Stock Exchange for its initial public offering, according to a person familiar with the matter.
The transaction is expected to take place in December and value Nubank, as the firm is known, at more than $50 billion, the person said, asking not to be named because the matter isn't public yet. Deliberations are ongoing, so the details may change.
Representatives for Nubank and the NYSE declined to comment.
The digital bank submitted a confidential draft registration statement with the U.S. Securities and Exchange Commission and Brazil's securities regulator, the company said Wednesday in a statement. The number of shares to be sold and the price range for the proposed offering haven't been set yet.
The company is seeking to list its Class A ordinary shares in the U.S. and simultaneously have Brazilian depositary receipts, or BDRs, trading on the Sao Paulo stock exchange.
Banks handling the share sale include Morgan Stanley, Goldman Sachs Group Inc., Citigroup Inc. and UBS Group AG, people familiar with the matter said earlier this year.
The world's biggest standalone digital bank, Nubank was valued at $30 billion after a fundraising earlier this year that saw Berkshire purchase a $500 million stake, a person familiar with the matter said at the time. The firm has over 41 million customers and managed to turn a profit on its Brazilian operations in the first half of the year, according to a recent statement.
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