Connect with us

Business

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

Published

on

 


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.

Sources

1/ https://Google.com/

2/ https://www.reuters.com/business/finance/softbank-backed-vtex-surges-32-nyse-debut-valued-47-bln-2021-07-21/

The mention sources can contact us to remove/changing this article

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

ExBUlletin

to request, modification Contact us at Here or [email protected]