PagSeguro Digital Ltd.’s $2.6 Billion Initial Public Offering

Shearman & Sterling acted as counsel to PagSeguro Digital Ltd. in its initial public offering of 121,193,388 Class A common shares, listed on the New York Stock Exchange.

PagSeguro Digital Ltd. controls PagSeguro Internet S.A., a provider of financial technology solutions in Brazil focused primarily on micro-merchants, small companies and medium-sized companies. The offering was the largest IPO of a Brazilian business since 2013 and the largest IPO on the NYSE since Snap, Inc. in March 2017.

The offering closed on January 26, 2018 and generated aggregate gross proceeds of approximately $2.6 billion, consisting of a primary offering of $1.1 billion by PagSeguro Digital Ltd. and a secondary offering of $1.5 billion by selling shareholder Universo Online S.A., or UOL, Brazil’s largest internet content, digital products and services company. The deal priced at $21.50, above the initial price range of $17.50 to $20.50, and the underwriters’ overallotment option was exercised in full at closing.

Goldman Sachs & Co. LLC and Morgan Stanley acted as global coordinators of the offering, joined by underwriters BofA Merrill Lynch, Banco Bradesco BBI, Credit Suisse, Deutsche Bank Securities, Itaú BBA and J.P. Morgan.

Shearman advised PagSeguro Digital Ltd. with a team including Robert Ellison (Picture), Samantha Glover, Mariana Pacini, Filipe Lima, Jonathan Kellner, Nathan Greene, Jeffrey Tate, Azeka J. Abramoff, Yizhou (Jo) Xu, Fernanda Iacia (São Paulo-Capital Markets) and international associate Diana Balassiano (New York-Capital Markets)

 

Involved fees earner: Robert Ellison – Shearman & Sterling; Samantha Glover – Shearman & Sterling; Mariana Pacini – Shearman & Sterling; Filipe Lima – Shearman & Sterling; Jonathan Kellner – Shearman & Sterling; Nathan Greene – Shearman & Sterling; Yizhou Xu – Shearman & Sterling; Jeffrey Tate – Shearman & Sterling; Azeka Abramoff – Shearman & Sterling;

Law Firms: Shearman & Sterling;

Clients: PagSeguro Digital Ltd. ;

 

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Author: Ambrogio Visconti.