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E-Commerce Giant MercadoLibre Raises $1.6 Billion in Share Sale

  • Buenos Aires-based firm sold a million shares at $1,550 each
  • MercadoLibre plans to use proceeds on “general purposes”
MercadoLibre’s distribution center in Louveira.
MercadoLibre’s distribution center in Louveira.Source: MercadoLibre Inc.
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E-commerce retailer MercadoLibre Inc, Latin America’s most valuable company by market capitalization, has raised $1.55 billion in its first equity offering in over two years.

The company sold a million shares at $1,550 each, according to a press release, representing a discount of about 5% to Monday’s closing price. The company looks to spend the proceeds on “general corporate purposes,” according to a prospectus published late Monday.