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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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SoftBank-backed VTEX surges 32% in NYSE debut, valued at $4.7 billion

07/21/2021 | 02:48pm EDT

(Reuters) - Shares of Brazil's VTEX rose as much as 32% in their New York Stock Exchange debut on Wednesday, giving the e-commerce software platform a valuation of $4.7 billion and underscoring investor interest in the sector.

SoftBank Group-backed VTEX's stock opened at $25.10, higher than the initial public offering (IPO) price of $19. It was about 20% higher in afternoon trading.

The 21-year-old company helps customers execute their commerce strategies, such as building online stores and managing orders, and its platform is used by the likes of Sony Corp, Nestle and McDonald's Corp.

VTEX is planning to expand its product offering and will also invest in international expansion, co-Chief Executive Officer Mariano Gomide de Faria said in an interview.

"We are already growing in Europe and the United States. We are not expecting high growth from these regions for now, but we are investing a lot," Faria said.

VTEX raised $361 million in its IPO, selling 19 million shares above the top end of its $15 and $17 target range.

About 5.1 million of those shares were offered by the selling shareholders, the proceeds from which will not go to the company.

VTEX is the latest highly valued non-U.S. company to cash in on the country's red-hot capital markets. Foreign IPOs in the United States have collected over $23.5 billion in proceeds as of June 22, up from $4.6 billion a year earlier, according to Refinitiv.

"We're starting to see more and more non-U.S. companies considering a listing in the United States," said Alex Ibrahim, head of international capital markets at NYSE.

"We have an incredible pipeline for the rest of the year that includes companies from Europe, Canada, Latin America, and also from Asia, especially Southeast Asia."

KeyBanc Capital Markets, Morgan Stanley and Itaú BBA were the joint bookrunners for VTEX's offering, while J.P. Morgan, Goldman Sachs & Co. LLC and BofA Securities were the global coordinators.

(Reporting by Niket Nishant, Noor Zainab Hussain in Bengaluru and Echo Wang in North Carolina; Editing by Aditya Soni)

By Niket Nishant and Echo Wang


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MORGAN STANLEY -0.62% 102.91 Delayed Quote.50.17%
SOFTBANK GROUP CORP. 2.76% 6627 End-of-day quote.-17.76%
SONY GROUP CORPORATION 5.18% 13000 End-of-day quote.26.40%
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Analyst Recommendations on SOFTBANK GROUP CORP.
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Financials
Sales 2022 6 040 B 54 537 M 54 537 M
Net income 2022 1 310 B 11 826 M 11 826 M
Net Debt 2022 14 983 B 135 B 135 B
P/E ratio 2022 9,10x
Yield 2022 0,66%
Capitalization 11 353 B 103 B 103 B
EV / Sales 2022 4,36x
EV / Sales 2023 4,13x
Nbr of Employees 58 786
Free-Float 69,3%
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Mean consensus BUY
Number of Analysts 15
Last Close Price 6 627,00 JPY
Average target price 10 325,87 JPY
Spread / Average Target 55,8%
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Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Raul Marcelo Claure Chief Operating Officer & Executive Vice President
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
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