Saudi Aramco isn’t the best-performing stock debut of the day. Brazilian finance firm XP skyrocketed 24% in its multibillion-dollar IPO.

Saudi Aramco isn’t the best-performing stock debut of the day. Brazilian finance firm XP skyrocketed 24% in its multibillion-dollar IPO.

Brazilian financial services company XP Inc. surged as much as 26% Wednesday after its initial public offering raised nearly $2 billion.

The stock jump establishes XP as outperforming Saudi Aramco, which soared 10% after its record-breaking IPO.

XP's market debut follows a slew of IPO flops in 2019. Uber, Peloton, and Lyft all slumped in their first days of trading, and WeWork canceled its IPO after analyst scrutiny sank the firm's valuation.

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Shares of Brazilian financial services group XP Inc. spiked as much as 26% Wednesday following its initial public offering, outperforming Saudi Aramco's record-breaking debut.

XP raised nearly $2 billion in its Nasdaq exchange offering after pricing shares at the top of its previously established range. The offering is the fourth-biggest hosted by the exchange this year, further solidifying its lead over the New York Stock Exchange in IPO funds raised in 2019.

Uber, Avantor, and Lyft had the largest IPOs of the year, raising $8.1 billion, $3.3 billion, and $2.6 billion, respectively.

XP's stock traded at $34 as of 3:05 p.m. ET, significantly higher than its $27 listing price. The post-IPO pop brings the company's valuation to roughly $18 billion.

XP grew by offering cheap stock and bond