(Reuters) -Shares of Brazil’s VTEX rose 32% in their New York Stock Exchange debut on Wednesday, giving the SoftBank Group-backed digital commerce company a valuation of $4.7 billion.
VTEX’s stock opened at $25.10, higher than its initial public offering (IPO) price of $19. The company sold 19 million Class A common shares in the IPO above the top end of its $15 and $17 target price range to raise $361 million.
About 5.1 million of those shares were offered by the selling shareholders, the proceeds of which will not go to the company.
VTEX is the latest highly valued start-up from Latin America to cash in on the red-hot U.S. capital markets, with Brazilian fintech Nubank, payments firm Ebanx and General Atlantic-backed Hotmart also preparing for U.S. listings.
Its platform helps customers execute their commerce strategies, such as building online stores and managing orders, and is used by businesses in over 32 countries, including Sony Corp, Nestle, and McDonald’s Corp.
VTEX’s customers transacted just under $8 billion of gross merchandise value through its platform last year.
The 21-year-old company, which also counts Tiger Global, Lone Pine Capital and Constellation among its investors, was valued at $1.7 billion after a funding round in September.
KeyBanc Capital Markets, Morgan Stanley and Itaú BBA were joint bookrunners on the offering, while J.P. Morgan, Goldman Sachs & Co. LLC and BofA Securities were the global coordinators.
(Reporting by Niket Nishant and Noor Zainab Hussain in Bengaluru; Editing by Aditya Soni)
