(WSJ) Argentina’s Globant S.A. became the first Latin American software company to launch a public offering on the New York Stock Exchange, with the company’s stock rising as much as 30% after the opening bell Friday before giving back some of the gains.
The company’s shares closed at $11.25 on Friday, up from an IPO pricing of $10 a share. “It’s a great milestone for the company,” Chief Executive Martin Migoya said in an interview from New York. The shares had been expected to launch at between $11 and $13 each, but the company decided to lower the price. “We didn’t want to push it to a level where investors felt uncomfortable,” Mr. Migoya said.
The IPO values Globant at almost $400 million.