StoneCo launches IPO on NASDAQ

Brazil-based payments processor StoneCo has launched its IPO of 47 million Class A common shares.

The shares are being listed on the Nasdaq Global Market with the STNE symbol and a price range for the IPO of $21 to $23.

Of the shares being offered, 40.9 million are from the company and 6.8 million are being listed by certain selling shareholders of StoneCo.

As part of the IPO, a select number of shareholders will grant the underwriters an option to buy up to 7 million additional Class A common shares.

Goldman Sachs & Co, J.P. Morgan Securities and Citigroup Global Markets are acting as the global coordinators for the offering. The firms are joined by Itau BBA USA Securities, BofA Merrill Lynch and Banco BTG Pactual S.A.??Cayman Branch are running as bookrunners in this offering.

StoneCO is a POS terminal developer in Brazil which provides companies with handheld payment processors. The platforms support transactions from MasterCard, Visa, American Express, Hiper, and elo, among others.

The company platform also includes a mobile app which supports clients with their sales and business management, with tools including real-time reporting.

Brazil FinTech sector in the largest in the Latin America region, with the market seeing a lot of high value deals this year. Local challenger bank Nubank collected $180m in a funding round from Chinese investor Tencent.

Copyright 2018 FinTech Global

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