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…