Shearman & Sterling was recognized for its role advising Brazilian fintech company PagSeguro on its landmark IPO on the New York Stock Exchange, in which it raised $2.6 billion. Legal publication Latin Lawyer selected the offering as its Capital Markets Deal of the Year.

PagSeguro was the first Brazilian fintech company to list its shares on the NYSE. The offering was the largest IPO of a South American company since insurance company BB Seguridade raised $4.2 billion in 2011, Latin Lawyer noted. It was also the largest IPO on the NYSE since Snap, Inc. in March 2017.