SoftBank-Backed VTEX Surges in Debut After $361 Million IPO

VTEX, the e-commerce software platform that started in Brazil, rose as much as 36% in its trading debut after an initial public offering that topped expectations to raise $361 million…

Shares of VTEX opened at $25.10 each in New York trading Wednesday after pricing at $19 Tuesday, above the marketed range of $15 to $17. The company, whose backers include SoftBank Group Corp., has a market value of about $4.6 billion.

The listing is one of 27 seeking to raise more than $6.6 billion in one of the busiest weeks of the year on U.S. exchanges, according to data compiled by Bloomberg.

The VTEX offering was led by JPMorgan Chase & Co., Goldman Sachs Group Inc. and Bank of America Corp.

VTEX was founded in 2000 and serves online stores in more than 32 countries for firms including Sony Group Corp., Whirlpool Corp. and Coca-Cola Co., according to its website. It will deploy money from the offering for hiring in technology and expanding into new countries, co-founder and Co-Chief Executive Officer Mariano Gomide told journalists on Wednesday.

The company was valued at $1.7 billion in a private fundraising last September. That round included investors such as…

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