While the Brazilian company priced the initial public offering of 19 million Class A common shares at $19 per share, ahead of the suggested range between $15 and $17 per share, the stock opened trading at $25.10 per share. The company's shares traded up 24.2% at $23.60 at last check.
"Our platform is designed to be the Operating System for the commerce ecosystem. We enable enterprise brands and retailers to orchestrate their complex network of consumers, business partners, suppliers, and fulfillment providers," the company said in its S-1 filing.
JPMorgan, Goldman Sachs and Bank of America acted as the book runners for the offering.
The company says it has 2,000 clients operating 2,500 active online stores across 32 countries, and that it has been one of the driving factors in digitizing Latin America's retail space.
The firm's internal estimates marks that region as the fastest growing, with Latin America's e-commerce market expected to grow 37% to $130 billion by 2024.
The company reported revenue of $25.9 million in its most recent quarter with a net loss of $12.5 million. The company had a diluted net loss of 7 cents per share.
In the same quarter a year prior the company reported revenue of $16.6 million with a net loss of $5.2 million.
The company is valued at over $3.5 billion and was able to raise more than $97 million in Wednesday's debut.