Nearshore Americas

Atento to Follow Globant by Making an IPO on the New York Stock Exchange

Atento, a Spanish call center operator with extensive operations in Latin America, has announced that it aims to raise about US$321 million through an initial public offering (IPO). Formerly a customer care unit of the European telecom giant Telefonica, Atento is currently owned by Boston, MA-based private equity firm Bain Capital Partners LLC.

The call center operator will reportedly float about 14.6 million shares on the New York Stock Exchange, with analysts expecting its IPO to be priced between US$19 and US$22 per share.

Bain Capital’s stake in Atento will drop from 98.2% to 75.3% if the underwriters fully exercise their option, Reuters reported.

Atento’s announcement comes two months after Argentine software and IT services firm Globant floated stock on the NYSE in an IPO worth almost US$400 million.

Atento, which will be traded under the symbol “ATTO” on the NYSE, has about 153,000 employees worldwide and is one of the largest voice-based BPO operators in Latin America. In Brazil alone, the outsourcer has employed about 80,000 people, while nearly 20,000 of its employees are working in Mexico.

In addition to Spain, Atento also has several delivery centers in Argentina, Peru, Chile, Colombia, El Salvador, Guatemala, Panama and Uruguay.

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Customer care service dominates its offerings, although the company provides several other back-office services including CRM, recovery and sales.

Even to this day, reports say Telefonica is its main client, with other customers including HSBC, McDonald’s, Itau Unibanco, Samsung and Banco Santander. Nearly 80% of its revenue comes from its top 10 clients.

Narayan Ammachchi

News Editor for Nearshore Americas, Narayan Ammachchi is a career journalist with a decade of experience in politics and international business. He works out of his base in the Indian Silicon City of Bangalore.

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