CI&T, a Brazilian provider of outsourced IT development services, lowered the proposed deal size for its upcoming IPO on Tuesday.
The São Paulo, Brazil-based company now plans to raise $209 million by offering 13 million shares (15% secondary) at a price range of $15 to $17. The company had previously filed to offer 19.4 million shares (43% secondary) at a range of $17 to $19. At the midpoint of the revised range, CI&T will raise -40% less in proceeds than previously anticipated.
CI&T believes it is differentiated by its value-add strategy, design and software engineering services. Its blue-chip customers include Johnson & Johnson, AB InBev, Nestlé, Google, Itaú Unibanco, Coca-Cola, LifeScan and Telefônica. The profitable company has averaged a net revenue retention rate of 118% over the past four years, with a three-year CAGR of 28%.
CI&T was founded in 1995 and booked $223 million in revenue for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol CINT. Goldman Sachs, Citi, J.P. Morgan, Morgan Stanley, Itau BBA, BofA Securities, and Bradesco BBI are the joint bookrunners on the deal. It is expected to price during the week of November 8, 2021.
