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SoftBank-backed VTEX grows 32% on NYSE debut, valued at $ 4.7 billion




July 21 (Reuters) – Shares of Brazilian firm VTEX (VTEX.N) rose as much as 32% when they debuted on the New York Stock Exchange on Wednesday, giving the e-commerce software platform a valuation of 4.7 billion dollars and underlining investor interest in the sector.

Shares of VTEX backed by SoftBank Group (9984.T) opened at $ 25.10, more than the initial public offering (IPO) price of $ 19. It was around 20% higher in the afternoon trading.

The 21-year-old company helps customers execute their business strategies, such as building online stores and managing orders, and its platform is used by companies like Sony Corp (6758.T), Nestlé (NESN .S) and McDonald’s Corp (MCD.N).

VTEX plans to expand its product offering and will also invest in international expansion, said co-managing director Mariano Gomide de Faria in an interview.

“We are already growing in Europe and the US. We don’t expect high growth from these regions just yet, but we are investing a lot,” said Faria.

VTEX raised $ 361 million on its IPO, selling 19 million shares above the high end of its target range of $ 15 and $ 17.

About 5.1 million of these shares were offered by selling shareholders, the proceeds of which will not go to the company.

VTEX is the latest highly regarded non-U.S. Company to take advantage of the country’s boiling capital markets. Foreign IPOs in the United States raised more than $ 23.5 billion in proceeds as of June 22, up from $ 4.6 billion a year earlier, according to Refinitiv.

“We are starting to see more and more non-US companies considering listing in the US,” said Alex Ibrahim, head of international capital markets at the NYSE.

“We have an incredible pipeline for the rest of the year that includes companies from Europe, Canada, Latin America and also Asia, especially Southeast Asia.”

KeyBanc Capital Markets, Morgan Stanley and Ita BBA were the associate bookkeepers for the VTEX offering, while JP Morgan, Goldman Sachs & Co. LLC and BofA Securities were the global coordinators.

Reporting by Niket Nishant, Noor Zainab Hussain in Bengaluru and Echo Wang in North Carolina; Editing by Aditya Soni

Our standards: Thomson Reuters Trust Principles.




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