July 21, 2021, 12:01 p.m. EDT

VTEX stock opens 32% above IPO price to value company at $4.7 billion

VTEX (NYS:VTEX) charged out of the gate Wednesday, as the shares of the U.K.-based software company that helps retailers build e-commerce businesses opened 32.1% above the initial public offering price. The company raised $263.7 million as the IPO priced at $19 a share, above the expected range of $15 and $17 a share. The stock's first trade was at $25.10 at 11:57 a.m. Eastern for 1.8 million shares. At that price, the company was valued at $4.70 billion. The stock has pared some gains since the open, to trade up 31.6% at $35.00 in recent trading. The company went public on a relatively good day for IPO stocks, as the Renaissance IPO ETF (PSE:IPO) rose 1.5% in midday trading while the S&P 500 (S&P:SPX) tacked on 0.7%.

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