dLocal, which provides a cross-border payment processing platform for e-commerce, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. However, that is likely a placeholder for a deal that we estimate could raise up to $500 million.
The Montevideo, Uruguay-based company was founded in 2016 and booked $104 million in revenue for the 12 months ended December 31, 2020. It plans to list on the Nasdaq under the symbol DLO. dLocal filed confidentially on March 2, 2021. J.P. Morgan, Goldman Sachs, Citi, Morgan Stanley, BofA Securities, HSBC and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
