DLocal Shares Jump 50% Bagging $9B Valuation in Nasdaq Debut

Uruguay’s cross-border payments company DLocal Ltd DLO shares jumped close to 50% in its U.S. initial public offering price (IPO) debut reaching a market capitalization of almost $9 billion.
Shares opened at $31, compared to the IPO price of $21. DLocal raised around $92.6 million from the sale of 4.4 million shares in its IPO.
DLocal CEO Sebastián Kanovich intended to utilize the IPO proceeds for product addition and geographical expansion.
The company’s merchants include Amazon.com Inc AMZN and Microsoft Corp MSFT. DLocal reported revenue of $104 million in 2020, as per Reuters.
Price action: DLO shares traded higher by 51.86% at $31.89 on the last check Thursday.