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June 25 (Reuters) - VTEX, a Brazilian digital commerce platform backed by SoftBank Group Corp, on Friday filed for an initial public offering in the United States, revealing a 56% jump in revenue in the three months ended March 31.
The company 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.
VTEX caters to customers including Sony, Nestle , McDonald’s Corp, in over 32 countries, its IPO prospectus showed.
The company is among several highly valued startups from Latin America that are rushing to take advantage of a red-hot IPO market in the United States. Brazilian fintech Nubank, payments company Ebanx and General Atlantic-backed Hotmart are also preparing for a U.S. listing in the coming months.
VTEX said it benefited from pandemic-led tailwinds last year as consumers moved to shopping online. It reported revenue of $25.9 million in the first quarter this year, up from $16.6 million in the same period a year earlier.
Net losses, however, widened to $12.5 million from $5.2 million last year.
VTEX, which is looking to list on the New York Stock Exchange, was last valued at $1.7 billion after a funding round in September. Besides SoftBank, VTEX also counts Tiger Global, Lone Pine Capital and Constellation among its investors.
SoftBank has bet big on Latin American technology startups through its $5 billion fund dedicated to the region.
The tech investment giant has also backed unicorn startups including payments company Clip and used-car platform Kavak from the region.
The company’s shares will trade under the symbol “VTEX”, it said.
J.P. Morgan, Goldman Sachs and BofA Securities are the lead underwriters for the IPO. (Reporting by Niket Nishant in Bengaluru; Editing by Vinay Dwivedi)