Uruguayan payment startup DLocal valued at $6.06 billion, raises $617.65M in US IPO

In a statement, Uruguayan payment startup DLocal said, it had raised $617.65 million through its initial public offering.

The company had priced its 29.4 million shares at $21 each above its indicated price range of $16-$18. The IPO valued DLocal at $6.06 billion. Of the shares sold, around 4.4 million were by DLocal and 25 million by current investors.

Founded in 2016, DLocal’s backers include General Atlantic, Mastercard Inc among others. The startup processes payments for global operators in emerging markets including Kuaishou, Amazon.com Inc, Didi, and Spotify Technology SA.

Online transactions have soared among shoppers with in-store shopping and traditional payment methods moving going digital following lockdowns because of the Wuhan Coronavirus-induced COVID-19 pandemic.

DLocal’s shares are scheduled to start trading today, on the Nasdaq under the symbol “DLO”.

J.P. Morgan, Goldman Sachs, Citigroup and Morgan Stanley are the lead underwriters for the IPO.

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