Ambev Stock- Brazil e-commerce platform Infracommerce plans IPO – sources
By Carolina Mandl
SAO PAULO, Jan 11 (Reuters) – Brazilian e-commerce platform Infracommerce has hired investment banks to manage an initial public offering, two sources familiar with the matter said, as it has attracted multiple consumer products makers seeking online sales amid the pandemic.
The company has picked Banco BTG Pactual SA and Itau Unibanco Holding SA to manage the offering, the sources added, asking not to be named because discussions are still private and in initial stage.
Infracommerce declined to comment on the matter.
A provider of technology, marketing, logistics and payments for brands interested in selling online – very similar to Canada’s Shopify Inc SHOP.TO – Infracommerce has seen a boom in demand for its services amid coronavirus lockdowns.
Based on Shopify’s valuation metrics, Infracommerce could be valued at over $1 billion, one of the sources said, as Shopify trades at more than 750 times its earnings over the last 12 months, according Refinitiv data.
Proceeds raised in the IPO are likely to fund its domestic growth, which has been higher than expected, according to an interview last year with its founder and chief executive, as well as international expansion. It operates in Mexico, Colombia and Argentina in addition to Brazil.
Founded by German Kai Schoppen in 2012, Infracommerce has among its partners venture capital funds Flybridge Capital Partners and Igah Ventures, formerly e.Bricks Ventures.
($1 = 5.4371 reais)
(Reporting by Carolina Mandl Editing by Chizu Nomiyama)
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