dLocal Limited’s $710 Million Initial Public Offering

Conyers, working alongside Simpson Thacher & Bartlett LLP, provided Cayman Islands legal advice to the underwriters of dLocal Limited’s (dLocal) initial public offering on the Nasdaq exchange. Paul, Weiss advised General Atlantic on the deal.

DLocal Limited (“dLocal”) completed its $710.3 million initial public offering of 33,823,530 shares of Class A common stock, consisting of 4,411,765 Class A common shares offered by dLocal and 29,411,765 Class A common shares offered by the selling shareholders (including 4,411,765 Class A common shares pursuant to the full exercise of the underwriters’ option to purchase additional shares from the selling shareholders).

The underwriters were led by J.P. Morgan, Goldman Sachs, Citigroup and Morgan Stanley who are acting as global coordinators; and Bank of America, HSBC and UBS who are acting as joint bookrunners.

dLocal is a technology-first payments platform enabling global enterprise merchants to connect with billions of consumers in emerging markets. The IPO of dLocal has valued the company in excess of US$6 billion.

The Conyer’ team included Partner Matthew Stocker (Picture), Counsel Alex Davies and Associate Kiah Estwick.

The Simpson Thacher team was led by S. Todd Crider and Juan F. Mendez and included Alejandro de Ramon-Laca, Antonio Ribichini and Francisco Ducci (Capital Markets); Jennie Getsin (FINRA and Blue Sky); and Jonathan Cantor and Dmitry Zelik (Tax).

The Davis Polk corporate team included partner Manuel Garciadiaz, counsel Drew Glover and associates Lourenço Lopes-Sabino and Felipe Saraiva Carneiro. Partner Adam Kaminsky provided executive compensation advice. Associate Sijia Cai provided Investment Company Act advice. The tax team included partner Po Sit and associate Shay Moyal.

The Paul, Weiss team included corporate partners Matthew Abbott, Adam Wollstein, Alvaro Membrillera, Christopher Cummings and Mark Bergman, and counsel Caitlin Kelly; antitrust counsel Marta Kelly; and tax partner Lindsay Parks.

Involved fees earner: Alex Davies – Conyers Dill & Pearman; Kiah Estwick – Conyers Dill & Pearman; Matthew Stocker – Conyers Dill & Pearman; Manuel Garciadiaz – Davis Polk & Wardwell; Drew Glover – Davis Polk & Wardwell; Adam Kaminsky – Davis Polk & Wardwell; Lourenço Lopes-Sabino – Davis Polk & Wardwell; Shay Moyal – Davis Polk & Wardwell; Felipe Saraiva Carneiro – Davis Polk & Wardwell; Sijia Cai – Davis Polk & Wardwell; Po Sit – Davis Polk & Wardwell; Matthew Abbott – Paul Weiss Rifkind Wharton & Garrison; Mark Bergman – Paul Weiss Rifkind Wharton & Garrison; Christopher Cummings – Paul Weiss Rifkind Wharton & Garrison; Caitlin Kelly – Paul Weiss Rifkind Wharton & Garrison; Marta Kelly – Paul Weiss Rifkind Wharton & Garrison; Alvaro Membrillera – Paul Weiss Rifkind Wharton & Garrison; Lindsay Parks – Paul Weiss Rifkind Wharton & Garrison; Adam Wollstein – Paul Weiss Rifkind Wharton & Garrison; Jonathan Cantor – Simpson Thacher & Bartlett; Todd Crider – Simpson Thacher & Bartlett; Alejandro de Ramon-Laca – Simpson Thacher & Bartlett; Francisco Ducci – Simpson Thacher & Bartlett; Jennie Getsin – Simpson Thacher & Bartlett; Juan Méndez – Simpson Thacher & Bartlett; Antonio Ribichini – Simpson Thacher & Bartlett; Dmitry Zelik – Simpson Thacher & Bartlett;

Law Firms: Conyers Dill & Pearman; Davis Polk & Wardwell; Paul Weiss Rifkind Wharton & Garrison; Simpson Thacher & Bartlett;

Clients: Bank of America; Citigroup Inc.; DLocal; General Atlantic; Goldman Sachs; HSBC; JP Morgan; Morgan Stanley; UBS;