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StoneCo IPO Prices Above Range, Raises Over $1B

Yesterday after the bell, Brazilian payment processor StoneCo priced its IPO at $24 per share. Readers will recall that StoneCo had targeted a lower price range for its debut.

However, in keeping with a trend in technology IPOs we’ve seen recently, the firm priced above range.

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How much did StoneCo raise at $24 per share? It’s actually not something agreed upon. Axios’ Dan Primack has a $1.1 billion number, based on the primary shares offered, and under two million shares from existing shareholders. Crunchbase agrees. There are also around seven million shares in the underwriter’s option, and the company added more shares after its last F-1/A filing.

If you take the primary shares, the existing shareholder bloc, the underwriter’s option, and the other shares, it works out to a $1.4 billion raise. Reuters has it written down as $1.5 billion. If you figure that out, let us know.

The StoneCo IPO (quick notes on its financials here) matters as it is another global unicorn IPO, yes, but also one that is coming due during market turmoil. This may not have been the ideal week if you were going to price a huge offering in a different market from your HQ. Still, StoneCo pulled it off.

The firm, founded in 2012, is based in Sao Paulo and made its only known acquisition in 2016. And now it’s public, and therefore a company that we shall ignore. You can wait for it to start trading here.

The first version of this story incorrectly listed StoneCo’s founding year as 2013. It has been corrected.

Top Image Credit: Li-Anne Dias.

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