dLocal, which provides payment processing for global merchants in emerging markets, raised $618 million by offering 29.4 million shares (85% secondary) at $21, above the range of $16 to $18. Cornerstone investor Fidelity had indicated an interest in purchasing up to 20% of shares in the offering. At pricing, the company commands a market value of $6.2 billion.
dLocal is focused on redefining the online payments experience in emerging markets. Through its One dLocal model, which is comprised of one direct API, one technology platform, and one contract, the company enables global enterprise merchants to get paid (pay-in) and make payments (pay-out) online in a safe and efficient manner. Its proprietary, fully cloud-based platform can currently power both cross-border and local-to-local transactions in 29 countries.
dLocal plans to list on the Nasdaq under the symbol DLO. J.P. Morgan, Goldman Sachs, Citi, Morgan Stanley, BofA Securities, HSBC, and UBS Investment Bank acted as joint bookrunners on the deal.
