RIO DE JANEIRO, BRAZIL – Enjoei, a collaborative e-commerce company, on Tuesday applied for registration for an Initial public offering (IPO).
The company, whose name means something like “I’m tired (of this)”, was founded in 2009 by Tiê Lima and Ana Luiza McLaren as a kind of online thrift shop, has hired BTG Pactual, Bradesco BBI, J.P. Morgan, XP, and UBS to coordinate the operation, which involves primary and secondary public offerings.
The company has not reported in the preliminary offer memorandum what it intends to do with the proceeds of the new share issue but has signaled that it plans to expand its product offering.
The names of investors who will sell shares in the deal in the secondary offering have also not been reported.
The company received a contribution in 2013 from the Brazilian venture capital fund Monashees and one from the American Bessemer Venture Partners, the following year.
Enjoei states in the document that it had R$112.6 million (US$22.5 million) in total sales in the second quarter 2020, compared to R$60.4 million the year before. The website’s turnover from transactions rose from R$17.3 million to R$29.6 million.
The company also says it had 141,000 new buyers in the second quarter, compared to 48,000 last year. The deal also includes a digital portfolio, enjuBank, through which registered users hold accounts.
Source: Reuters