Brazil’s VTEX raises US$361 million in New York Stock Exchange IPO

RIO DE JANEIRO, BRAZIL – E-commerce software platform VTEX and its investors raised US$361 million in an initial public offering (IPO) on the New York Stock Exchange. Demand exceeded supply, which led shares to rise above the indicative price range.

Shares should start being traded this Wednesday, July 21.

The company founded in Rio de Janeiro and some of its investors sold 19 million shares at US$19 each, above the US$15 to US$17 range in the offering prospectus, according to a statement.

The IPO values the company, whose investors include a fund from SoftBank, at about US$3.6 billion, based on the outstanding shares listed on the registry.

An entity affiliated with Tiger Global Management has expressed interest in buying up to US$50 million in shares at the offering price, according to VTEX filings with the U.S. Securities and Exchange Commission (SEC).

The listing is one of 27 seeking to collectively raise over US$6.6 billion in one of the busiest weeks of the year for IPOs on U.S. exchanges, according to Bloomberg data.

The VTEX offering was coordinated by JPMorgan Chase, Goldman Sachs and Bank of America.

With information from exame

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