Brazil Broker XP Surges in Debut After $1.96 Billion IPO (2)

XP Inc., Brazil’s largest brokerage by equity-trading volume, rose 28% in its trading debut after its initial public offering topped expectations to raise $1.96 billion.

Shares of XP, Brazil’s answer to Charles Schwab Corp., opened at $32.75 each in New York trading Wednesday after pricing at $27 Tuesday. The company had marketed the shares for $22 to $25.

The shares closed at $34.46 in New York trading, giving the company a market value of $19 billion. That makes XP more valuable than Banco BTG Pactual SA, Brazil’s biggest standalone investment bank, which is worth $15.7 billion.

The ...