By Carolina Mandl
SAO PAULO (Reuters) – Technology company Hotmart has hired banks for an initial public offering to raise roughly $500 million, likely by year-end, three sources familiar with the matter said, the latest in a series of Brazilian tech startups looking to go public.
Goldman Sachs, JPMorgan Chase and Morgan Stanley will be lead underwriters on the deal, two of these sources added. It would take place on Nasdaq, all three sources said, declining to say how the proceeds would be used.
Considered a “unicorn,” given its private valuation of over $1 billion, Hotmart is a cloud-based platform which allows entrepreneurs to create, market and manage online businesses.
The fast-growing company, which has been expanding outside Brazil and bulking up through acquisitions, plans to raise between $400 million and $600 million in the offering.
Founded by Joao Pedro Resende and Mateus Bicalho, onetime computer science classmates at the same university in the state of Minas Gerais, Hotmart’s investors include General Atlantic, Singapore’s GIC and Koolen & Partners. In April, TVC…
