Banco Inter in R$5.5 Billion Follow-On Offering

June 24, 2021

Cleary Gottlieb represented Banco Inter S.A. (Banco Inter) in its follow-on equity offering in Brazil.

Banco Inter is listed on the Nível 2 segment of the São Paulo Stock Exchange (B3) and is a fully digital bank that also provides app-based integrated nonfinancial services.

The offering raised approximately R$5.5 billion in gross proceeds and consisted of a primary offering of 143.02 million common shares and 142.25 million preferred shares, including shares in the form of units comprised of two preferred shares and one common share. The offering was launched with a fixed price of R$19.28 per share on June 14, 2021, and closed on June 24, 2021. The shares were offered in the United States to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons outside the United States pursuant to Regulation S under the Securities Act. Stone (a Brazil-based fintech listed on Nasdaq) was a cornerstone investor in the offering.