WPP-backed Globant has become the first Latin America-based company to float on the New York Stock Exchange in an initial public offering that valued it at $400m.
Argentina-based software developer Globant has become the first Latin American company to float on the New York Stock Exchange in a $58.5m initial public offering in which marketing firm WPP invested approximately $7m.
Globant priced the IPO at $10.00 per share, issuing 4.35 million shares while shareholders sold a further 1.5 million.
WPP invested $70m in Globant January 2013 and held a 20.6% stake ahead of the flotation, maintaining a 20.1% share through the purchase of almost 70,000 shares.
Venture…
