Brazilian e-commerce platform Infracommerce launches US$360 million IPO

RIO DE JANEIRO, BRAZIL – Brazilian e-commerce platform Infracommerce plans to raise roughly R$2 billion (US$359 million) in an initial public offering set to be priced later this month, it said in a securities filing.

A provider of technology, marketing, logistics, and payments for brands interested in selling online, with a similar business model as Canadian peer Shopify – Infracommerce has seen a boom in demand for its services amid COVID-19 lockdowns. It operates in Mexico, Colombia, Chile, and Argentina, besides Brazil.

The offering amount considers the mid-point of the price range set for the offering, between R$22 and R$28, and does not include overallotments. The price will be set for April 27.

Infracommerce plans to use the proceeds in acquisitions and to reduce debt. Its shareholders also intend to partially sell their stake in the company.

Founded by German Kai Schoppen in 2012, Infracommerce has among its partners venture capital funds Flybridge Capital Partners and Igah Ventures, formerly e.Bricks Ventures.

Itau BBA, BTG Pactual, Goldman Sachs, and Morgan Stanley will manage the offering.