Netshoes (Cayman) Limited Issues $148.5 Million IPO

Cleary Gottlieb represented Goldman, Sachs & Co. and J.P Morgan as representatives of the underwriters in the initial public offering of common shares of Netshoes (Cayman) Limited.

The deal priced on April 11 and is expected to close on April 18, 2017. The offering price was $18 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.

Netshoes is the leading sports and lifestyle online retailer in Latin America, as measured by net sales, and one of the largest online retailers in the region, with operations in Brazil, Argentina, and Mexico. Through the websites Netshoes and Zattini, as well as through partner-branded store sites it manages, Netshoes offers customers a wide selection of products and services for sports, fashion and beauty.  This is the first IPO of a Latin American eCommerce company since 2007, and one of the few Latin American businesses that is listed on a U.S. exchange, without a local listing in Latin America.