dLocal Surges Nearly 50 Percent in IPO

Uruguayan payment startup dLocal (DLO) said on Wednesday it raised $617.65 million in its initial public offering…

DLocal priced 29.4 million shares at $21 per share, the company said, above its indicated $16-$18 range. The IPO values DLocal at $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 (PAY.N), and Flywire Corp (FLYW.O) both started trading last month. Marqeta (MQ.O) is also set to go public next week.

Founded in 2016, DLocal counts the likes of General Atlantic and Mastercard Inc (MA.N) among its prominent backers. It processes payments for global operators in emerging markets including Amazon.com Inc (AMZN.O), Spotify Technology SA (SPOT.N), Didi, and Kuaishou.

Demand for online payments has soared as in-store shopping and traditional payment methods are…

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