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Welcome to The<\/span> Exchange, a weekly startups-and-markets newsletter. It\u2019s inspired by the daily + column where it gets its name. Want it in your inbox every Saturday? Sign up here.<\/em><\/p>\n In 2021, we wondered whether Brazil could be in for an IPO bonanza. It hasn\u2019t happened: Not only is Latin America\u2019s largest economy going through the same IPO drought as the rest of the world, but also one of its highest-profile public listings, Nubank, is coming to a sudden end. Let\u2019s explore. \u2014 Anna<\/a><\/em><\/p>\n Nubank is one of Latin America\u2019s preeminent neobanks, so when its parent company, Nu Holdings, decided to go public with a dual listing in New York and S\u00e3o Paulo, the operation was one of the most anticipated exits of 2021 among observers of Brazil and fintech.<\/p>\n There have been some bumps on Nubank\u2019s road to IPO \u2014 for instance, when it repriced its shares from $11 to $9 ahead of its exit. But the fact that its debut on December 9\u00a0went okay\u00a0and that its market cap, while down, hasn\u2019t plummeted\u00a0either, could be considered a relative success.<\/p>\n Fast-forward to last week, when surprising news emerged: \u201cNubank to Delist from Brazil\u2019s B3 Stock Exchange,\u201d a Bloomberg L\u00ednea headline read. There\u2019s more nuance to it: As the article detailed, the fintech company will actually \u201crestructure its Brazilian Depositary Receipts (BDRs) program with the conversion from Level III to I.\u201d Confused? You are not alone.<\/p>\n<\/div>\nWhat does it mean?<\/h2>\n