(Bloomberg) — Brazilian e-commerce software provider VTEX, which is backed by SoftBank Group Corp., has picked banks for a potential initial public offering, people familiar with the matter said.

The firm, founded in Rio de Janeiro, is working with banks including JPMorgan Chase & Co. and Banco Itau BBA on a potential listing at Nasdaq, the people said, asking not to be identified discussing confidential information. The size and timing of an IPO are still being discussed, the people said, adding that talks may not result in a listing.

Representatives for VTEX said a decision to IPO depends on its shareholders and no plan to do so has been announced. JPMorgan and Itau declined to comment. Softbank didn’t immediately reply to a request for comment.

VTEX was created in 2000 and serves online stores in more than 32 countries for firms such as Sony, Walmart, Whirlpool, Coca-Cola, AB InBev and Nestle, according to its website. It was valued at $1.7 billion in a private fundraising last September. The round included investors such as Tiger Global Management, Lone Pine Capital, Constellation and SoftBank.

If the listing is successful, it would be an important landmark for SoftBank’s Latin American push. The Japanese conglomerate launched a $5 billion fund to invest in the region’s startups back in 2019, and has since purchased stakes in digital lender Banco Inter SA, delivery-services firm Rappi SAS and Gympass, among others.

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