Brazil-based financial services company XP has raised USD2 billion in its initial public offering (IPO) on Nasdaq. The offering consisted of approximately 42.5 million primary Class A shares and 30 million Class A shares sold by XP’s existing backers at a price of USD27 per share. Global private equity fund manager General Atlantic sold 9.4 million shares in the IPO, generating gross proceeds of USD253 million, with the potential to divest additional shares as part of the offering’s overallotment option. General Atlantic acquired its stake in XP from global growth markets investor Actis across several transactions from 2013 to 2016.