(Adds details on offering, CEO comment, underwriters, background)
June 3 (Reuters) – Shares of DLocal Ltd jumped nearly 48% in their U.S. stock market debut on Thursday, giving the Uruguayan cross-border payments company a market capitalization of about $9 billion.
Shares opened at $31, compared with the initial public offering price (IPO) of $21. The company sold 29.4 million shares in its IPO, raising about $617.7 million.
Of the shares sold, roughly 4.4 million shares were offered by the company, while the rest were sold by its existing investors.
Several payment startups, including Paymentus Holdings Inc and Flywire Corp, have gone public in recent months, capitalizing on rising investor interest in a sector that has boomed during the COVID-19 pandemic.
DLocal Chief Executive Officer Sebastian Kanovich said in an interview with Reuters that the company would use the IPO proceeds to add products to its platform and expand geographically.
DLocal has more than 330 merchants on its platform, including Amazon.com Inc and Microsoft Corp, and is present in over 29 countries. It generated revenue of $104 million last year.
J.P. Morgan, Goldman Sachs, Citigroup and Morgan Stanley were the lead underwriters for the offering. (Reporting by Sohini Podder in Bengaluru; Editing by Shinjini Ganguli and Aditya Soni)
