Visa-Backed Conductor Prepares for US IPO: Reuters

  • Visa Inc V backed Brazilian payments firm Conductor has hired banks for a U.S. initial public offering that could occur as early as 2021, Reuters reports.
  • Capital firm Riverwood Capital is also an essential sponsor of the firm.
  • Conductor's tools assist retailers, banks, and financial startups offer credit cards and payment wallets to their clients.
  • It powers over 85 million accounts and processes over $20 billion in payment volume across Latin America.
  • The investment banking units of Goldman Sachs, JPMorgan, Bank of America, and Credit Suisse will manage the IPO, the report added.
  • The share offering will mainly be new stock as the company plans to raise proceeds to expand into new countries, launch products, and engage in M&A.
  • Conductor raised roughly $170 million in two tranches in 2020 with Singapore's Temasek Holdings, Viking Global Investors, and Sunley House, an affiliate of Advent International, aiming to enter new countries.
  • It aims to tap Latin America's population without a bank account. Conductor started to expand across Latin America to Mexico, Argentina, Peru, Equador, and Colombia in 2020.
  • Price action: V shares traded lower by 0.41% at $249.24 on the last check Tuesday.
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