VTEX, a Brazilian provider of digital commerce services, announced this Friday that it has applied for registration with the US Securities and Exchange Commission (SEC) to conduct an initial public offering (IPO) of Class A shares.
VTEX intends to list Class A common shares on the New York Stock Exchange under the symbol “VTEX” as provided in the preliminary prospectus. JP Morgan, Goldman Sachs and Bank of America will be the principal coordinators of the offer, with the help of KeyBank, Morgan Stanley and Ita BBA.
VTEX, which has SoftBank among investors, disclosed in the prospectus that revenue was up 56% in the first quarter. VTEX’s customers include Sony, Nestlé and McDonald’s.
VTEX began operations in Brazil in 2000 and established its first overseas office in 2013, arriving in the United States in 2017. Its platform allows customers to execute their commerce strategy, including setting up an online store.
The company is the latest example of e-commerce companies looking to capital markets for expansion plans following a rise in digital transactions in the country in the wake of social distancing to contain the COVID pandemic.
Since then, online thrift store Enjoei, self-employment services platform Getninjas and home products retailer Westwing have been listed on B3.
(by Aluisio Alves)