NEW YORK: Uruguayan payment startup DLocal said on Wednesday it raised US$617.65 million in its initial public offering.
DLocal priced 29.4 million shares at US$21 per share, the company said, above its indicated US$16-US$18 range. The IPO values DLocal at US$6.06 billion. Of the shares sold, around 4.4 million were by DLocal and 25 million by current investors.
The company’s debut comes amid a flurry of payment companies that went public this year. Paymentus Holdings Inc, and Flywire Corp both started trading last month. Marqeta is also set to go public next week.
Founded in 2016, DLocal counts the likes of General Atlantic and Mastercard Inc among its prominent backers. It processes payments for global operators in emerging markets including Amazon.com Inc, Spotify Technology SA, Didi, and Kuaishou.
Demand for online payments has soared as in-store shopping and traditional payment methods are shifting towards e-commerce and digital transactions due to the COVID-19 pandemic.
DLocal’s shares are scheduled to start trading on Thursday on the Nasdaq under the symbol “DLO”. J.P. Morgan, Goldman Sachs, Citigroup and Morgan Stanley are the lead underwriters for the IPO.
(Reporting by Echo Wang in Asheville; Additional reporting by Vishal Vivek in Bengaluru; Editing by Ramakrishnan M.)
