Locaweb Completes US$308 million Brazilian IPO
São Paulo – Paul Hastings LLP, a leading global law firm, represented Itaú BBA, Goldman Sachs, Morgan Stanley and XP Investimentos as placement agents in the initial public offering of Brazilian web services firm Locaweb on the São Paulo Stock Exchange (B3). Locaweb priced its IPO at 17.25 reais per share, at the top of its range, earning approximately 1.33 billion reais (US$308 million) in the combined primary and secondary offerings, including overallotments. It was reported as the largest technology IPO in the history of the B3 exchange. The proceeds from the primary offering will be used by Locaweb to finance future acquisitions and new product launches.
Locaweb’s business lines include web hosting, domain registration and SaaS solutions for email, productivity, e-commerce, electronic payments and digital marketing. The company has more than 300,000 customers throughout Latin America.
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