Log in
Show password
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

SoftBank-backed VTEX eyes over $3 billion valuation in U.S. IPO

07/12/2021 | 08:28am EDT

(Reuters) -Brazil's VTEX, a digital commerce platform backed by SoftBank Group Corp, said on Monday it was targeting a valuation of up to $3.2 billion in its U.S. initial public offering (IPO).

The company's offering would consist of 19 million Class A common shares priced between $15 and $17 each. At the top end of the range, the IPO would fetch $323 million.

About 5.1 million of those shares are being offered by the selling shareholders, the proceeds of which will not go to the company, VTEX said.

Planning to list on the New York Stock Exchange, VTEX is the latest highly valued startup from Latin America looking to cash in on a record run in U.S. capital markets.

Brazilian fintech Nubank, payments company Ebanx and General Atlantic-backed Hotmart are also preparing for U.S. listings in the coming months.

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

The company has customers in over 32 countries, including Japan's Sony Corp, Nestle and McDonald's Corp.

It was valued at $1.7 billion after a funding round in September and also counts Tiger Global, Lone Pine Capital and Constellation among its investors.

(Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni)

ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 0.47% 6.2556 Delayed Quote.-1.87%
SOFTBANK GROUP CORP. 2.76% 6627 End-of-day quote.-17.76%
SONY GROUP CORPORATION 5.18% 13000 End-of-day quote.26.40%
Latest news "Economy & Forex"
05:09pChina welcomes Huawei executive home, Trudeau hugs Canadians freed by Beijing
04:26pChina detains HNA chair, CEO
04:15pChina welcomes Huawei executive home
03:42pDPR, NSCDC arrest 8 illegal LPG dealers in Maiduguri
03:00pU.S. Republican senators slam release of Huawei's Meng
02:44pU.s. cdc says 2.53 mln people received an additional covid-19 vaccine dose since august 13, 2021
02:44pU.s. cdc says delivered 471,821,155 doses of covid-19 vaccine as of sept 25 vs 470,630,875 doses delivered as of sept 24
02:44pU.s. cdc says administered 389,372,689 doses of covid-19 vaccine as of sept 25 vs 388,567,109 doses administered as of sept 24
02:43pU.s. cdc says 213,177,462 individuals have received at least one dose of covid-19 vaccine as of sept 25 vs 212,861,380 individuals as of sept 24
02:43pU.s. cdc says 183,353,326 individuals have been fully vaccinated against covid-19 as of sept 25 vs 182,958,696 individuals as of sept 24
Latest news "Economy & Forex"