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Softbank-backed Vtex valued at $3.75bn in Nyse debut

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When Mariano Gomide de Faria and Geraldo Thomaz finished the mechanical engineering course at the Federal University of Rio de Janeiro (UFRJ) in 2000, the reality was very different. There wasn’t plenty of capital for technology or international interest in Brazilian innovation, and e-commerce barely existed. With limited resources, they founded Vtex, a company in the now coveted universe of Software as a Service (SaaS), one where capital is not lacking.The company debuted on the Nyse today valued at $3.75 billion, more than double what Vtex itself was valued 10 months ago in a closed round. It raised $361 million in the IPO and shareholders Tiger, Softbank, Long Pine and Constellation had relevant participation in the offering.The stock was priced at $19 in the IPO, above the suggested range between $15 to $17. High demand helped drive the debut - the stock rose as much as 25.5% during the afternoon and closed up 16.74%."The long-term vision of our team and our investors helps a lot, beyond global liquidity," Mr. Faria told Pipeline. "We didn’t have all that capital in the beginning. Twenty-one years ago, there was no Coca-Cola machine in Brazil. It is very emblematic because to have a Coca-Cola machine you have to have single-digit inflation or the hardware can not adapt the requests for coins," added the company’s co-founder and co-CEO, associating the lower interest rates and inflation in check to the financial flow for new companies.For him, the demand at the IPO is also an example of investors’ bet on the expansion of e-commerce in Latin America, after the pandemic caused companies and consumers to accelerate their changes in consumption habits. "Latin America grows 36% per year in e-commerce, it is the fastest growing region in the world, and with a penetration of only 6%, while the worldwide penetration of e-commerce is 18%. It has a huge space for organic and sustainable growth," he said.Despite already being in more than 32 countries in Latin America, North America, Europe and Asia - recently, it opened its Singapore office -, the region remains the company’s main market.Prior to setting up Vtex, the only professional experience of the two friends had been as interns at Icatu -...

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