Exclusive: Brazilian payments network Elo picks banks for IPO – sources By Reuters – Investing.com

SectorFinancial Services
CountryMiddle east

© Reuters. FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City By Carolina Mandl SAO PAULO (Reuters) - 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 (NYSE:) and Mastercard Inc (NYSE:) - is planning an IPO on Nasdaq, the sources said, following recent successful listings by Brazilian financial services firms such as XP (NASDAQ:) Inc and StoneCo Ltd. Elo has picked Morgan Stanley (NYSE:), Goldman Sachs (NYSE:) and JPMorgan (NYSE:) & Co as the main underwriters, along with the investment banking units of its owners Banco Bradesco SA, Banco do Brasil SA (OTC:) and Caixa Economica Federal.

One of the sources said Elo is pursuing a valuation of around $7 billion through the flotation, which another source said is likely to happen in the second half of the year. Elo declined to comment on the matter. Bradesco, Banco do Brasil and Caixa intend ...read more...