SoftBank-backed VTEX surges 32% in NYSE debut, valued at $4.7 bln (updated)

Vtex

21/07/2021 17:09

(Adds details on IPO, bookrunners, background on company)
    July 21 (Reuters) - Shares of Brazil's VTEX  VTEX.N  rose
32% in their New York Stock Exchange debut on Wednesday, giving
the SoftBank Group-backed  9984.T  digital commerce company a
valuation of $4.7 billion.
    VTEX's stock opened at $25.10, higher than its initial
public offering (IPO) price of $19. The company sold 19 million
Class A common shares in the IPO above the top end of its $15
and $17 target price range to raise $361 million.  urn:newsml:reuters.com:*:nPn6PQkZma
    About 5.1 million of those shares were offered by the
selling shareholders, the proceeds of which will not go to the
company.
    VTEX is the latest highly valued start-up from Latin America
to cash in on the red-hot U.S. capital markets, with Brazilian
fintech Nubank, payments firm Ebanx and General Atlantic-backed
Hotmart also preparing for U.S. listings.
    Its platform helps customers execute their commerce
strategies, such as building online stores and managing orders,
and is used by businesses in over 32 countries, including Sony
Corp  6758.T , Nestle  NESN.S , and McDonald's Corp  MCD.N .
    VTEX's customers transacted just under $8 billion of gross
merchandise value through its platform last year.
    The 21-year-old company, which also counts Tiger Global,
Lone Pine Capital and Constellation among its investors, was
valued at $1.7 billion after a funding round in September.
    KeyBanc Capital Markets, Morgan Stanley and Itaú BBA were
joint bookrunners on the offering, while J.P. Morgan, Goldman
Sachs & Co. LLC and BofA Securities were the global
coordinators.

      

 (Reporting by Niket Nishant and Noor Zainab Hussain in
Bengaluru; Editing by Aditya Soni)
 ((noor.hussain@thomsonreuters.com; Within U.S. +1 646 223 8780;
Outside U.S. +91 80 6182 2663 or +91 80 3796 2663 ;))