According to Reuters, RippleNet member from Uruguay, dLocal, has raked in a whopping $617.65 million in its recent U.S. public offering.
The company had offered 29.4 million shares for sale at $21 per share. The IPO evaluation of the company is $6.06 billion. The first mention of the upcoming IPO, as covered previously by U.Today, was made on May 5.
The company had filed for an IPO confidentially.
As reported by U.Today, according to the head of SBI Group, Yoshitaka Kitao, the Ripple fintech giant would also file for an IPO after the legal war with the U.S. securities agency, the SEC, is over.
Yuri MolchandLocal emerged in 2016 and mainly works in the developing markets, offering remittances and payments in Asia, Africa and Latin America.
The firm has recently expanded its business to three new markets—the Philippines, Malaysia and Vietnam—after hiring former top executive who used to work for Goldman Sachs and JP Morgan, Sumita Pandit, to take the position of chief operating officer.
Alex Dovbnya
U.Today Editorial Team
Vladislav Sopov
Dan Burgin