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A 233% Virus-Driven Rally Crowns Latin America’s Best IPO
- Web services provider Locaweb thrives on e-commerce surge
- Brazilian company debuted in February, looking at acquisitions
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A relatively little-known firm, born in the heights of the dot-com bubble, has emerged as one of the biggest corporate winners from the pandemic ravaging Latin America’s biggest economy.
Locaweb Servicos de Internet SA, which offers services from website hosting to cloud computing, had a rush in demand from small and mid-sized companies as the virus shut stores and confined workers to home offices. The firm had just gone public in February when the virus hit and has since rallied 233%, making it Latin America’s best IPO this year, according to data compiled by Bloomberg.