Brazil-based payments and financial technology company StoneCo has raised US$1.2 billion in its initial public offering (IPO) on NASDAQ. The offering included 46 million newly issued shares and a secondary offering of 5 million shares sold for US$24 per share. gStoneCo is backed by various investors, including private investment fund managers Actis, Tiger Global Management, Gávea Investimentos and Valor Capital Group, all of which sold shares in the offering. As part of the IPO, China-based financial services company Ant Financial acquired shares worth US$100 million, while United States-based investors Berkshire Hathaway, T. Rowe Price and Madrone Partners acquired approximately 14 million, 9 million and 2.75 million shares, respectively.