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Brazilian VTEX debuts on NYSE with a valuation of $4.7 billion; shares rose 32%

VTEX, an e-commerce platform that offers solutions to simplify sales, debut on the New York Stock Exchange (NYSE) valued at $4.7 billion

Brazilian VTEX debut on NYSE with a valuation of $4.7 billion; shares rose 32%
Photo: VTEX/Blog
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Another Brazilian listed on the U.S. stock exchange: VTEX, an e-commerce platform that offers solutions to simplify sales, debut on the New York Stock Exchange (NYSE) valued at $4.7 billion. Shares, traded under the symbol VTEX, rose 32%.

VTEX started in 2000 and set up its first office abroad in 2013, arriving in the United States in 2017. Its platform allows customers to execute their commerce strategy, including setting up online stores.

READ ALSO: The plans of VTEX, the newest Brazilian unicorn, to boost e-commerce in Latin American neighbors

According to the company, VTEX’s customers traded nearly $8 billion of GMV through the platform in 2020. In the prospectus for the IPO, the company also revealed that it had a 56% increase in revenue in 2021’s first quarter. Among its customers are global companies such as Sony, Nestlé and McDonalds.

The application for the IPO with the US Securities and Exchange Commission was made in late June. The offering consisted of 13,876,702 Class A shares offered by the company and 5,123,298 by its selling shareholders.

READ ALSO: Brazil’s fleet management startup Cobli raises $35 million from SoftBank

The company priced its shares at $19, above the estimated range between $15 and $17; with this, it raised $360 million, not counting the supplementary lot, with which it can raise another $54 million.

J.P. Morgan, Goldman Sachs & Co. LLC and BofA Securities coordinated the IPO, and KeyBanc Capital Markets, Morgan Stanley and Itaú BBA acted as joint managers.

READ ALSO: Brazilian real estate startup EmCasa raises $21 million round from Globo Ventures and Igah Ventures

In a statement, VTEX’s founders Geraldo Thomaz Jr and Mariano Gomide de Faria said that the IPO is one of the crucial milestones in the company’s journey and that the company is on the way to becoming a global player in digital commerce.

“We envision being at the center of a vast network that natively connects every part of the global digital commerce ecosystem. We see VTEX as the single control panel to manage all aspects of brands and retailers’ sales life-cycle, from engaging to selling and fulfilling,” they said.

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