Two White & Case LLP offices, Lefosse Advogados in São Paulo and Trindade Advogados in Rio de Janeiro have helped Brazilian e-commerce platform Enjoei launch an initial public offering worth 987 million reais (US$184 million).

US law firms Goodwin Procter LLP advised several international investors as selling shareholders in the offering, while Brazilian firms Machado Meyer Advogados and Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados represented some of Enjoei’s selling shareholders in Brazil.

Skadden, Arps, Slate, Meagher & Flom LLP in São Paulo and New York and Brazil’s Cescon, Barrieu, Flesch & Barreto Advogados helped the underwriters. The deal closed on 10 November.

Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP and Hughes Hubbard & Reed LLP in the US and Brazilian firm Pinheiro Guimarães are also thought to have advised selling shareholders, but this could not be confirmed by Latin Lawyer prior to publication.

Enjoei offered 96,265,123 common shares in total, of which 45,935,000 were sold in a primary offering, while the remaining 50,330,123 shares were sold in a secondary offering by Enjoei’s shareholders. The shares priced at 10.25 reais (US$1.92) each, which was at the bottom of the indicative price range, between 10.25 reais (US$1.92) and 13.75 reais (US$2.58).

The offering was more than three times oversubscribed.

The deal includes a greenshoe option of a further 14,439,768 common shares, which can be issued until 8 December.

Based in São Paulo, Enjoei is an online marketplace for used products in Brazil. Its platform allows buyers and sellers to communicate and negotiate directly to trade used products at affordable prices.

Brazil has seen numerous IPOs in recent months. Retailer Grupo Mateus launched a US$781 million initial public offering earlier this month, which is Brazil’s largest IPO so far this year, while Aeris Energy became listed on the São Paulo stock exchange after a US$185 million IPO in November too. In another Novermber IPO, Brazilian e-commerce start-up Méluiz raised US$103 million.

Counsel to Atividades de Internet

  • White & Case LLP: Partners Don Baker and John Guzman in São Paulo, and associate Mariana Seixas in Miami
  • Lefosse Advogados: Partners Rodrigo Junqueira and Jana Araujo, and associates Vicente Gioielli, Isabel Carvalho, Carolina Garrote and Luisa Nordskog in São Paulo
  • Trindade Advogados: Partners Pedro Testa and Marilia Lopes, and associate João Siqueira in Rio de Janeiro

Counsel to Bessemer Venture Partners VIII Institutional and Bessemer Venture Partners VIII Parallel

  • Goodwin Procter LLP: Partner Gregg Katz in Boston

Counsel to Estoril Investments

Counsel to Bessemer Venture Partners VIII Institutional, Bessemer Venture Partners VIII Parallel, Monashees Capital Partners Coinvestment Fund, VII, Monashees Capital III, Monashees Capital IV, Monashees Capital V, Monashees Capital VI and Monashees Capital VII

  • Mattos Filho, Veiga Filho, Marrey Jr e Quiroga Advogados: Partner Vanessa Fiusa and associates Henrique Antunes and Gabriela Rebelo in São Paulo

Counsel to BTG Pactual, Bradesco BBI, JP Morgan, XP Investimentos and UBS

  • In-house counsel to BTG Pactual - Kevin Younai, Felipe Andreu Silva, João Mansur, Mariana Anchieta and Gabriela Trevisat
  • In-house counsel to Banco Bradesco - Rodrigo Mamede, Renata Antonini, Juliana Figueiredo, Aline Fajardo, Renata Ariozi, Luiz Henrique Miranda, Said Fares Ali and Thiago Calfat
  • In-house counsel to JP Morgan - Mariana Rizzo, Marcella Vilela and Alessandra Gonzales
  • In-house counsel to XP Investimentos - Kristian Orberg, Pedro Ely and Felipe Garcia
  • In-house counsel to UBS - Aline Menezes, Matthew James Albrecht, Ricardo Siciliano, Julia Wetter and Julianna Testoni
  • Skadden, Arps, Slate, Meagher & Flom LLP: Partner Mathias von Bernuth, counsel Lauren Bennett, and associates Karina Cardozo de Oliveira, David Birch and Vinicius Fadanelli in São Paulo, and partners Victor Hollender and Ryan Rott in New York
  • Cescon, Barrieu, Flesch & Barreto Advogados: Partner Alexandre Barreto and associates Julia Barreto Lobo Dutra, Bernardo Kahl, Victor Lopes, Carolina Carvalho, Vitor Campos and Isadora Moreira in São Paulo

(Latin Lawyer - 27.11.2020)