NEW YORK, July 29, 2021 /PRNewswire/ -- VTEX (NYSE: VTEX), the enterprise digital commerce platform for premier brands and retailers, the leader in accelerating the digital commerce transformation in Latin America and now expanding globally, today announced that it closed on July 23, 2021, its initial public offering of 21,850,000 Class A common shares consisting of 16,726,702 Class A common shares offered by VTEX (including 2,850,000 Class A common shares resulting from the exercise of the underwriters' option to exercise the green shoe) and 5,123,298 Class A common shares offered by VTEX's selling shareholders, pursuant to an effective registration statement on Form F-1 filed with the U.S. Securities and Exchange Commission ("SEC") at a public offering price of $19.00 per Class A common share. The shares began trading on the New York Stock Exchange on July 21, 2021, under the symbol "VTEX."
VTEX intends to use the net proceeds from this offering for general corporate purposes, which may include investments for the development of software, products or technologies, investments in the international expansion of its operations, funding future opportunistic mergers, acquisitions, or investments in complementary businesses, and maintaining liquidity.
Founded by Geraldo Thomaz, co-CEO, and Mariano Gomide de Faria, co-CEO, VTEX was named by International Data Corporation (IDC), a leader in the IDC MarketScape: Worldwide B2C Digital Commerce Platforms 2020 Vendor Assessment. The company is disrupting the digital commerce market by offering a composable, connected, and complete solution for enterprises with native capabilities including ecommerce, order management (OMS) and marketplace.
"The era of siloed software is ending and connected software is on the rise. VTEX is at the center of this revolution, helping enterprises drive digital commerce transformation and build customized experiences for their consumers," said Geraldo Thomaz, co-CEO of VTEX. "VTEX is the backbone of the digital commerce ecosystem with a network of businesses, consumers, suppliers, and partners in LATAM and is now extending this vision globally. We believe that our unique, connected platform vision makes us a leading choice for enterprises that want to transform and become digital."
Mariano Gomide de Faria, VTEX co-CEO added, "VTEX is leading the way for Latin America to become the world's benchmark for enterprise digital commerce. Our IPO just marks another step in our journey as we continue to expand our global footprint and it also represents a huge achievement for the LATAM region. With our public listing, we hope to inspire entrepreneurs from the emerging markets to continue to raise the bar in disrupting the worldwide software industry."
Over the past decade, ecommerce spending has grown to US$3.0 trillion and is projected to double to US$6.0 trillion over the next five years, according to Insider Intelligence. Latin America was the fastest-growing region in digital commerce in the world in 2020, with approximately 37% growth in 2020 YoY, with approximately 6.2% of penetration, which represents a large and untapped market. VTEX, which operates in 32 countries, has been the vendor of choice for numerous Fortune 500 companies in Latin America and is now becoming the global digital commerce vendor for enterprise brands including Whirlpool, AB InBev, and Motorola. VTEX connects a complex network of businesses, consumers, suppliers, and fulfillment partners, and offers a solution for the enterprises with comprehensive out-of-the-box capabilities that deliver unprecedented time-to-revenue, to an array of customization options empowering businesses to build unique customer experiences without the complexity.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
VTEX (NYSE: VTEX) provides a software-as-a-service digital commerce platform for enterprise brands and retailers. Our platform enables our customers to execute their commerce strategy, including building online stores, integrating, and managing orders across channels, and creating marketplaces to sell products from third-party vendors. Founded in Brazil, we have been a leader in accelerating the digital commerce transformation in Latin America and are expanding globally. Our platform is engineered to enterprise-level standards and functionality, and we are trusted by more than 2,000 customers with over 2,500 active online stores across 32 countries to connect with their consumers in a meaningful way.