Paul Hastings acts for banks in Locaweb’s Brazil IPO
Law firm Paul Hastings represented Itaú BBA, Goldman Sachs, Morgan Stanley and XP Investimentos as placement agents in the initial public offering (IPO) of Brazilian web services firm Locaweb on the São Paulo Stock Exchange (B3).
Locaweb priced its IPO at 17.25 reais ($3.80) per share, at the top of its range, earning approximately 1.33 billion reais ($308 million) in the combined primary and secondary offerings, including overallotments.
The IPO was reportedly the largest technology public offering in the history of the B3 exchange.
The proceeds from the IPO will be used by Locaweb to finance future acquisitions and new product launches.
Locaweb’s business lines include web hosting, domain registration and SaaS solutions for email, productivity, e-commerce, electronic payments and digital marketing. The company has more than 300,000 customers throughout Latin America.
Paul Hastings partners David Flechner (pictured) and Jon Kellner led the firm’s team, which also included Samantha Glover and Diana Balassiano, with support from partner David Makso and associate Rob Wilson.
