(Reuters) -Brazil’s VTEX, a digital commerce platform backed by SoftBank Group Corp, said on Monday it was targeting a valuation of up to $3.2 billion in its U.S. initial public offering (IPO).
The company’s offering would consist of 19 million Class A common shares priced between $15 and $17 each. At the top end of the range, the IPO would fetch $323 million.
About 5.1 million of those shares are being offered by the selling shareholders, the proceeds of which will not go to the company, VTEX said.
Planning to list on the New York Stock Exchange, VTEX is the latest highly valued startup from Latin America looking to cash in on a record run in U.S. capital markets.
Brazilian fintech Nubank, payments company Ebanx and General Atlantic-backed Hotmart are also preparing for U.S. listings in the coming months.
VTEX started its operations in Brazil in 2000, set up its first overseas office in 2013 and expanded into the United States in 2017. Its platform allows customers to execute their commerce strategy, including building online stores and managing orders.
The company has customers in over 32 countries, including Japan’s Sony Corp, Nestle and McDonald’s Corp.
It was valued at $1.7 billion after a funding round in September and also counts Tiger Global, Lone Pine Capital and Constellation among its investors.
(Reporting by Niket Nishant in Bengaluru; Editing by Aditya Soni)
