trending Market Intelligence /marketintelligence/en/news-insights/trending/r42VwODv-wT3MzNgD3FV8w2 content esgSubNav
In This List

Silver Lake-backed Locaweb files for $246M IPO

Video

S&P Capital IQ Pro | Powering Your Edge

Case Study

A Prestigious Global Business School Gains a Competitive Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage

Gaining a Competitive Advantage with ESG Data for Student-Managed Investment Funds


Silver Lake-backed Locaweb files for $246M IPO

Locaweb Serviços de Internet SA filed for a public listing in a bid to raise up to 1.03 billion reais (about $246.4 million), according to S&P Global Market Intelligence data.

The Brazilian web services provider plans to offer 59.9 million shares, including an overallotment option.

The IPO's size includes 33.3 million new company shares, with Locaweb shareholders such as private equity firm Silver Lake and founder family Gora selling an additional 26.6 million shares, Reuters reported, citing a securities filing.

Locaweb intends to use the listing's proceeds to cut its debt and acquire companies. Following the IPO, the company could have a diverse range of shareholders, but no controlling shareholder, according to the report.

Locaweb tapped the investment banking units of Itau Unibanco Holding SA, Goldman Sachs, Morgan Stanley and XP Inc. to manage the offering.

As of Jan. 16, US$1 was equivalent to 4.18 Brazilian reais.