The Brazilian e-commerce platform raised US$ 361 million, not including the supplementary lot. Shares are priced at US$ 19 and will start trading this Wednesday, July 21, at NYSE
Source: Neofeed
VTEX founders: Geraldo Thomaz (left) and Mariano Gomide
The Brazilian e-commerce platform VTEX will hit the New York Stock Exchange worth US$ 3.75 billion. The company has just priced its share at $19, above the upper limit of the $15 to $17 range, reflecting strong demand for the company’s shares.
As a result, the company was priced by investors at approximately 22 times its estimated revenue for 2022. The volume raised was US$ 360 million without the over-allotment. With it, VTEX can add another $54 million to funding.
The company will ring the bell this Wednesday morning, July 21, at NYSE. The papers will be traded with the VTEX symbol.
In 2020, the VTEX platform handled US$ 7.5 billion, a growth of 135%, according to information in the prospectus. Revenue was US$ 99 million, 95% of which is recurring.
VTEX was founded in 2000 under the name Vitrine Têxtil by Mariano Gomide and Geraldo Thomaz. At that time, the focus was on software development for the industry. The first product was a sales force automation program. Online retail solutions were a natural evolution of the portfolio. The switch to VTEX happened around 2004.
For a long time, he suffered to survive. The leap only happened in the mid-2000s, when the company won the account of the American retailer Walmart. At the time, the company founded by Gomide and Thomas had only four clients.
In 2011, when it received a contribution of US$ 7 million from the South African fund Naspers, there were 232. In 2014, Riverwood Capital also invested in the company.
Currently, VTEX has more than 2,000 customers from 32 countries. The list includes names such as Apothecary, Whirlpool, Electrolux, Sony, Walmart, L’Oréal, Coca-Cola, Nestlé and Motorola.
In the last round of investment, in September of last year, VTEX was valued at US$ 1.7 billion. At the time, the contribution was led by Tiger Global Management. Lone Pine Capital, a New York manager with about $10 billion under management, also participated in the round. Softbank and Constellation followed the contribution.
Source: Neofeed
