Locaweb Files IPO

SAO PAULO — Brazilian web services company Locaweb Serviços de Internet SA is preparing an initial public offering on the Sao Paulo stock exchange, according to a filing on Tuesday.

Both the company and its shareholders intend to raise money in the offering, Locaweb said in the document. It intends to use the proceeds of the offering in acquisitions and new product launches.

Locaweb, with 305,500 clients, posted revenues of 314.9 million reais ($75.04 million) and net income of 11.1 million reais in the first nine months of 2019.

The investment banking units of Itau Unibanco Holding SA, Goldman Sachs, Morgan Stanley and XP Inc will manage the IPO

(Reporting by Carolina Mandl; Editing by Sandra Maler)

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