XP Sets Price Range for Nasdaq IPO of Up to $2.1 Billion

XP Inc., Brazil’s largest brokerage by equity-trading volume, is targeting a price of $22 to $25 a share for the company’s initial public offering on the Nasdaq exchange, a transaction that could raise as much as $2.1 billion…

The roadshow for the deal, which is poised to be the biggest IPO for a Brazilian company this year, kicks off Monday, according to a regulatory filing, with pricing expected in the middle of this month.

XP and its owners are selling about 72 million Class A shares, with a possible additional allotment taking the offering to almost 83 million shares. The company itself is selling the bulk of the offering — 42.5 million shares — with additional contributions from shareholders General Atlantic and Dynamo VC Administradora de Recursos Ltda.

Managing partners, who own about 30% via XP Controle, also intend to sell, but Itau Unibanco Holding SA won’t divest any of its 49.9% stake, according to the filing, which confirmed an earlier report by Bloomberg. The company plans a dual-class share structure giving the Class B stock held by controlling shareholders 10 times the voting rights of the Class A shares being sold in the offering.

XP, which is based in Sao Paulo and incorporated in the Cayman Islands, declined to comment on the IPO.

The brokerage, which posted a profit of…

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