Digital lender Nubank’s shares opened 25% above the offer price in their stock market debut on Thursday, giving the company a market capitalization of nearly $52 billion, making it the third most valuable listed firm in Brazil.

On Wednesday, Nubank priced its initial public offering at the top end of a range it had lowered earlier due to concerns over a global rout in technology stocks, to raise nearly $2.6 billion. The offer was eight times oversubscribed, one source with knowledge of the matter said.

Morgan Stanley, Goldman Sachs & Co, Citigroup and NuInvest are the lead underwriters for the offering.

Read more/Source: Reuters