VTEX, an online enterprise e-commerce platform primarily in Latin America, announced terms for its IPO on Monday.
The London, United Kingdom-based company plans to raise $304 million by offering 19 million shares (27% secondary) at a price range of $15 to $17. Insider Tiger Global Management intends to purchase $50 million worth of shares in the offering (16% of the deal). At the midpoint of the proposed range, VTEX would command a market value of $3.0 billion.
VTEX operates a business-to-consumer e-commerce platform to enterprise customers that natively combines commerce, order management, and marketplace functionality. Its partner ecosystem includes more than 1,000 integrated solutions, 200 systems integrators, 100 marketplaces, 80 payments solutions, and 50 logistics companies. As of March 31, 2021, VTEX had more than 2,000 customers and over 2,500 active stores across 32 countries.
VTEX was founded in 2000 and booked $108 million in revenue for the 12 months ended March 31, 2021. It plans to list on the NYSE under the symbol VTEX. J.P. Morgan, Goldman Sachs, BofA Securities, KeyBanc Capital Markets, Morgan Stanley, and Itau BBA are the joint bookrunners on the deal. It is expected to price during the week of July 19, 2021.
