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Brazil’s first post-election IPO raises US$1.5 billion

Por: Latin LawyerImprimirVisualizar em PDF

Three Davis Polk & Wardwell LLP offices and Brazil's Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados have helped payment processor StoneCo make a US$1.5 billion initial public offering.

Goldman Sachs, JP Morgan, Citigroup, Itau BBA, Credit Suisse, Morgan Stanley and BTG Pactual were underwriters and enlisted White & Case LLP and Pinheiro Neto Advogados for the offering, which closed on 29 October.

StoneCo sold 50.7 million shares at US$24 each on the Nasdaq Stock Market, with high demand allowing for pricing above the initial range of US$21 to US$23 per share.

The offering attracted attention from high-profile investors, including Warren Buffett's Berkshire Hathaway and Chinese e-commerce company Alibaba's payment affiliate Ant Financial.

This is the first IPO that has taken place since controversial far-right candidate Jair Bolsonaro was elected as president of Brazil on 28 October.

Several media outlets in Brazil have attributed the success of the IPO to the "Bolsonaro effect". Reports suggested that the early signs of the pro-business Bolsonaro establishing a lead over main rival Fernando Haddad in the leadership race had buoyed investors and encouraged the market, after the number of initial public offerings dropped off in 2018.

According to a report from Reuters, Brazilian prosecutors opened an official investigation on Tuesday into an apparent software leak at StoneCo. An individual is thought to have publicly disclosed information regarding the company's source code on 24 October, the day before its offering opened.

Counsel to StoneCo

Davis Polk & Wardwell LLP
Partners Byron Rooney, Maurice Blanco, Veronica Wissel and William Curran and associates Heita Miki, Charlotte Fabiani and Elina Khodorkovsky in New York, and associates Elliot de Carvalho and Richard Corbett in São Paulo and Grecia Barboza in London

Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados
Partners Jean Marcel Arakawa, Pedro Dias Whitaker, Eduardo Marques Souza and Larissa Lancha Alves de Oliveira and associates Felipe Rezende Kachan, Fabiana Manuera Raimundo, Isabella Polatto Roque and Bruna Bianchini Sato in São Paulo

Counsel to Goldman Sachs, JP Morgan, Citigroup, Itau BBA, Credit Suisse, Morgan Stanley and BTG Pactual

White & Case LLP
Partners Colin Diamond and John Vetterli, associates Taryn Zucker, Johanna Interian and Telisa Gunter in New York, and associate Cameron Royse in Sao Paulo

Pinheiro Neto Advogados
Partner Guilherme Monteiro and associates Raphael Palmieri Salomão and Cristina Liu in São Paulo

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