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Brazil’s XP raises US$2.25 billion in New York IPO

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Brazilian financial services company XP has hired Davis Polk & Wardwell LLP in São Paulo and New York, Brazilian firm BMA - Barbosa, Müssnich, Aragão and Maples Group in the Cayman Islands to raise US$2.25 billion on New York’s Nasdaq stock exchange, in the largest Brazilian IPO in the US in nearly two years.