Brazil’s XP files for share offering, sees second quarter profit doubling



© Reuters. XP Inc. headquarters in Sao Paulo

SAO PAULO (Reuters) – Brazilian brokerage firm XP Inc (O:) filed on Monday for a secondary share offering, saying its second-quarter profit is likely to double from a year earlier, according to a securities filing.

Private equity firm General Atlantic LLC e XP Controle Participacoes will sell 19,535,420 class A common shares in the offering, the broker said.

The move comes roughly six months after XP debuted on Nasdaq in a much-anticipated initial public offering, when its shares were priced at $27. Since then, shares have risen more than 60%.

XP also said it is likely to post a second-quarter profit between 420 million reais and 520 million reais, up from 228 million reais a year ago, as net inflows from clients have accelerated.

Investment banking units of Morgan Stanley (NYSE:), Goldman Sachs (NYSE:) and JPMorgan Chase (NYSE:) will manage the offering.

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