LatAm List – This week’s IPO by Brazilian credit card processor StoneCo attracted international attention from Jack Ma’s Ant Financial and Warren Buffet’s Berkshire Hathaway. After the fintech startup raised more than US$1.5B in its IPO, pricing shares above their range, its share price continued to rise. The shares rose to US$32 during the first day of trading, driving StoneCo’s valuation above US$9.9B.
StoneCo plans to use the funds for acquisitions. The company already serves more than 200,000 vendors across Brazil. Its revenue doubled from 2017 to 2018, earning a profit of nearly US$23M for this year.
Read more in Reuters or in previous coverage on LatAm List.