CI&T, a Brazilian provider of outsourced IT development services, raised $196 million by offering 13 million shares (15% secondary) at $15, the low end of the range of $15 to $17. The company originally planned to offer 19.4 million shares (43% secondary), before lowering the offering size on Tuesday.
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 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 acted as joint bookrunners on the deal.
