Ci&T has filed for IPO, with reports suggesting that the Brazilian IT services provider will be listed on the New York Stock Exchange by the end of this month.
CI&T Inc, a Brazil-based technology firm is floating nearly 20 million shares on the bourse with an aim to raise around US$400 million. It will be traded under the ticker symbol of CINT.
In a press release, the Brazilian company said its shares will be offered at an IPO price of between $17 and $19.
Much of this money will be used to fund future acquisitions, which the company believes necessary to expand its geographical footprint and acquire skilled IT talent.
Founded in Campinas more than 26 years ago, Ci&T is one of the very few nearshores IT companies with delivery centers in mainland China. In addition, it runs offices in the United States, Canada, UK, Portugal, Japan, and Australia.
“While focused on expanding our business in North America and Europe, we believe our deep roots in Latin America, especially in Brazil, benefit our growth strategy given the region’s massive size and heightened demand for digital transformation services,” the company stated in a prospectus filed with the US market regulator (SEC).
With more than 5,000 employees, CiNT counts HP, Itau, Bradesco, ABInbev, Johnson & Johnson, Vivo, Porto Seguro, and Google among its clients.