tuesday, 5 december of 2017

Brazil´s PagSeguro considers IPO in New York

Brazilian payment processor PagSeguro Internet Ltda is considering an initial public offering in the first quarter of 2018 in New York, two people with knowledge of the matter told Reuters.

PagSeguro, which provides online and mobile payment services for Brazilian companies, has been in talks with Goldman Sachs & Co for an IPO since earlier this year.

PagSeguro’s controlling shareholder, Brazilian media group UOL, is deciding whether to list the company on the New York Stock Exchange or Nasdaq, the sources added, requesting anonymity because discussions are private.

Goldman Sachs declined to comment. UOL did not immediately respond to requests for comment.

If successful, PagSeguro would be the first exchange listing among a wave of new Brazilian financial technology startups, or fintechs. The biggest listed fintech in the United States is PayPal Holdings Inc, with a $90.5 billion market value.

Brazilian online shoe and apparel retailer Netshoes Ltd raised $149 million in a Nasdaq listing in April.

PagSeguro’s controlling shareholder UOL has experience in capital markets, having been listed in Sao Paulo between 2005 and 2012, when it was taken private.

PagSeguro competes with Brazilian credit card processing companies such as Cielo SA and Redecard SA, a unit of lender Itaú Unibanco Holding SA.

Other banks may be hired to help manage the issue once the shareholder decides on dates and venue for the listing, the sources added.

(Published by Reuters - December 4, 2017)

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