Business

Brazil's VTEX files for IPO on Nyse

The SoftBank-backed company revealed that it saw a 56% growth in revenues in the first quarter

VTEX headquarters in Rio de Janeiro. Photo: VTEX/Courtesy.
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  • VTEX announced Friday that it has filed for registration with the U.S. Securities and Exchange Commission (SEC);
  • JPMorgan, Goldman Sachs and Bank of America will be the lead coordinators of the offering;
  • VTEX started operations in Brazil in 2000 and set up its first overseas office in 2013, arriving in the United States in 2017.

Brazilian digital commerce platform provider VTEX announced on Friday that it has filed for registration with the U.S. Securities and Exchange Commission (SEC) to conduct a Class A initial public offering (IPO).

VTEX intends to apply to list its Class A common shares on the New York Stock Exchange (NYSE) under the symbol “VTEX”. J.P. Morgan, Goldman Sachs and BofA Securities are acting as lead book-running managers for the proposed offering. KeyBanc Capital Markets, Morgan Stanley and Itaú BBA are acting as joint book-running managers.

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VTEX, which has SoftBank among its investors, revealed in the prospectus that it saw a 56% growth in revenues in the first quarter. VTEX has Sony, Nestle, and McDonald’s among its clients.

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

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The company is the latest example of e-commerce companies looking to the capital markets to fund expansion plans, following a surge in digital transactions in the country in the wake of social isolation to contain the COVID-19 pandemic.

Since then, online thrift store Enjoei, digital platform for freelance professionals Getninjas, and home goods retailer Westwing have listed on B3, the Brazilian stock exchange.

Translated by LABS

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