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Argentine Tech Provider Globant Still Planning IPO in New York

Globant SA, a Buenos Aires-based technology-services provider whose clients include Google Inc., still plans to hold an initial public offering after refraining from tapping the market in the first quarter.

The company was aiming to sell shares on the New York Stock Exchange before March 31, a person with knowledge of the matter said in December. Chief Executive Officer Martin Migoya said last week in an interview that the company hasn’t shelved the effort to go public.

“We’ve always liked the idea of an IPO in New York,” Migoya said. There never was and still isn’t a set target date for the IPO, he said.

In a registration statement with the U.S. Securities and Exchange Commission in August, Globant said it planned to raise $86.3 million in an IPO.

Proceeds from the offering will be used to pay debt and finance capital expenditures, strategic acquisitions and working capital, according to the registration statement. Underwriters include units of JPMorgan Chase & Co., Citigroup Inc. and Credit Suisse Group AG.

The issue would be the biggest since the March 2011 IPO of McDonald’s Corp. restaurant operator Arcos Dorados Holdings Inc.

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