Cleary Gottlieb and Simpson Thacher instructed on Netshoes $148.5 million IPO
Cleary Gottlieb advised the underwriters while Netshoes mandated Simpson Thacher.
Netshoes is a leading sports and lifestyle online retailer in Latin America, with operations in Brazil, Argentina, and Mexico. This is the first IPO of a Latin American e-commerce company since 2007, and one of the few listings on a US exchange, without a local listing in Latin America.
The deal priced on April 11 and closed on April 18. The offering price was $18.00 per share. The common stock is listed on NYSE under the ticker symbol “NETS.” Total proceeds from the offering were $138,847,500 after deducting underwriting discounts and commissions. The company is an “emerging growth company” as defined in the Jumpstart Our Business Startups (JOBS) Act of 2012.
Goldman Sachs, JP Morgan, and Banco Bradesco acted as underwriters and instructed a team at Cleary Gottlieb led by partners Nicolas Grabar and Francesca Odell.
Partners Grenfel S. Calheiros and S. Todd Crider fronted the Simpson Thacher team advising Netshoes.