Stone Pagamentos SA has started hiring banks to coordinate its planned initial public offering in New York and has already enlisted Goldman Sachs and JP Morgan in the effort, sources told Valor Econômico.
The Brazilian credit card processing company was reportedly valued at about 2.27 billion reais in October 2017 and holds a roughly 5% market share in Brazil's payment sector.
British buyout firm Actis LLP and Brazil's Gavea Investimentos Ltda. are not expected to sell their shares in Stone in the company's IPO, according to the report.
Reuters reported in January that Stone Pagamentos plans to list shares in New York by the second half of 2018, a move that would put the company in a better position to compete with larger rivals.
Stone Pagamentos is looking to emulate the success of local competitor PagSeguro Digital Ltd., which priced its own $2.61 billion IPO in January. That offering was roughly 10x oversubscribed.
As of May 31, US$1 was equivalent to 3.73 Brazilian reais.
