Benzinga | Jun 3, 2021 02:33PM EDT

DLocal Shares Jump 50% Bagging $9B Valuation in Nasdaq Debut

* Uruguay's cross-border payments company DLocal Ltd (NASDAQ:DLO) shares jumped close to 50% in its U.S. initial public offering price (IPO) debut reaching a market capitalization of almost $9 billion.

* Shares opened at $31, compared to the IPO price of $21. DLocal raised around $92.6 million from the sale of 4.4 million shares in its IPO.

* DLocal CEO Sebasti?n Kanovich intended to utilize the IPO proceeds for product addition and geographical expansion.

* The company's merchants include Amazon.com Inc (NASDAQ:AMZN) and Microsoft Corp (NASDAQ:MSFT). DLocal reported revenue of $104 million in 2020, as per Reuters.

* Price action: DLO shares traded higher by 51.86% at $31.89 on the last check Thursday.