2023-11-17 00:00:01
Taking advantage of a decidedly firmer market, Itaúsa has just sold another part of its position in XP, raising US$185 million and, in practice, putting an end to the overhang that weighed down on the paper.
This is the ninth block trade of Itaúsa since the investment company began to dismantle its position in XP – and the fifth coordinated by Bank of America.
This time, Itaúsa sold 8 million XP Class A shares at US$23.25, just six cents below today’s closing at US$23.31.
Demand was divided practically fifty-fifty between local and international investors, and allocation was ongoing at the time of publication of this note. Unlike the previous ones, this block did not impose a lockup to buyers.
After today’s sale, Itaúsa still has 6.7 million XP shares, the equivalent of one day’s trading of the stock.
XP closed the day worth US$12.75 billion on the Nasdaq.
Guilherme Benchimol’s company repurchased R$916 million of its own shares in the first quarter. It then paid a US$0.58/share dividend in September and declared another US$0.73/share last week, totaling R$3.6 billion in dividends this year.
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