Brazilian payments network Elo picks banks for IPO – sources

Sumary of Brazilian payments network Elo picks banks for IPO – sources:

• Article content SAO PAULO — Brazilian payments firm Elo has chosen six banks to manage its initial public offering, four sources close to the matter said, in the first concrete sign it is proceeding with a move first proposed by shareholders in August..
• The payments network – launched a decade ago to compete with Visa Inc and Mastercard Inc – is planning an IPO on Nasdaq, the sources said, following recent successful listings by Brazilian financial services firms such as XP Inc and StoneCo Ltd..
• Co as the main underwriters, along with the investment banking units of its owners Banco Bradesco SA , Banco do Brasil SA and Caixa Economica Federal..
• Bradesco, Banco do Brasil and Caixa intend to sell only a part of their holdings in the offering, the sources said..
• Article content The company, with 132 million credit and debit cards outstanding, also needs to increase its acceptance abroad, mainly in Europe and in countries such as Mexico and Canada…

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From Financial Post - 09/04/2021