June’s IPO parade starts with just one deal – dLocal Ltd. (DLO proposed). The Latin American payments-processing company is expected to price its IPO tonight and start trading on Thursday, June 3rd, on the NASDAQ. Meanwhile, Krispy Kreme, Inc. (DNUT proposed) filed its IPO plans early Tuesday – shortly after the sun came up on Wall Street. For the iconic doughnut store chain, this will be the second time around as a publicly traded company. (Source: S-1 prospectus dated June 1, 2021)
FinTech companies are in vogue. Marqeta (MQ proposed), the company whose platform enables DoorDash, InstaCart, Square and others to issue their own cards and process payments, filed terms on Tuesday for its IPO next week. Marqeta is attracting considerable interest. The company has strategic agreements with MasterCard and Visa. Marqeta isn’t profitable. But it is on the CNBC Disruptor 50 list of companies.
The IPO Calendar is building up nicely for next week, buoyed by the U.S. stock market’s strength. Both the Dow Jones Industrial Average and the Standard & Poor’s 500 Index advanced in May, although the NASDAQ snapped a six-month streak of gains, The Wall Street Journal reported. Investors are concerned about inflation as the U.S. economy recovers from the COVID-10 pandemic.
dLocal Ltd. (DLO proposed) brings together the world of local payments and cross-border transactions. This is the only IPO in this holiday-shortened work week. The U.S. stock exchanges were closed on Monday for the Memorial Day holiday.
The dLocal deal is scheduled for pricing tonight. This is an IPO of 29.4 million shares at $16 to $18 each.
J.P. Morgan, Goldman Sachs, Citigroup, Morgan Stanley, BofA Securities, HSBC and UBS Investment Bank are the joint book-runners.
dLocal, based in Montevideo, Uruguay, runs a proprietary cloud-based payment platform serving over 330 online merchants, including global companies such as Amazon, Didi, Microsoft, Nike, Spotify and Uber, as well as small and medium-sized businesses in emerging markets. DLocal operates in 29 countries, including Mexico, Argentina, Colombia and Chile; India and Indonesia, and Egypt, Nigeria and South Africa. (The company is incorporated in the Cayman Islands.)
dLocal is profitable. In 2020, DLocal earned $28.19 million in net income on $104.14 million in revenue.
Fidelity Management & Research Co. LLC has indicated an interest in buying up to 20 percent of the IPO – or up to $100 million, based on mid-point pricing.
IPO experts said the deal was in demand.
Six IPOs are scheduled so far for the second week of June. More names are likely to slide into place for the next two weeks of June as the filings continue to flow in across the transom at the U.S. Securities and Exchange Commission.
(For more information, please see the IPO Calendar. You can click the hyperlinks on company names on the IPO Calendar and those links will take you to the IPO profiles on IPOScoop.com.)
(Never trade on proposed symbols. You might wind up owning something on the OTC Bulletin Board.)
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.
Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums), is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.
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