Brazilian digital bank Nu Holdings slashed the targeted price range for its U.S. stock market flotation by about 18% on Tuesday, as a recent global selloff in technology stocks weighs on year-end initial public offerings. 

The company, known as Nubank, had earlier aimed for an IPO valuation of more than $50 billion on the back of a record-breaking boom in U.S. capital markets.

In an amended filing with the U.S. securities regulator, Sao Paulo-based Nubank said it now planned to sell about 289.2 million shares priced between $8 and $9 each. At the top end of the range, it will raise $2.6 billion at a valuation of $41.5 billion.

Affiliates of Sequoia Capital, Tiger Global Management, SoftBank Latin America Funds, Dragoneer Investments, TCV, Sands Capital, Morgan Stanley and JPMorgan are expected to anchor the IPO and buy shares worth at least $1.3 billion, Nubank said.

Read more/Source: Reuters