Brazilian online lender Nubank is considering cutting the potential valuation of its initial public offering following a slump in technology stocks globally, Bloomberg News
reported Monday, citing people familiar with the matter.

Nubank declined to comment on the report.

Earlier this month, the Sao Paulo-based company said it aimed to raise nearly $3 billion at a valuation of more than $50 billion. At that valuation, Nubank — backed by Warren Buffett’s Berkshire Hathaway Inc — would have been worth more than Brazil‘s largest traditional lender Itau Unibanco Holding SA, which is currently valued at $38 billion.

While the IPO market in the US has been robust this year, investors were spooked by a new, possibly vaccine-resistant variant of the coronavirus, which led to a broad sell-off on Wall Street on Friday.

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