Startups de tecnologia testam apetite de investidor e esperam captar R$ 3,5 bi
Com a volatilidade do mercado afastando gigantes de setores tradicionais, nas próximas semanas estreiam na Bolsa Enjoei.com, Méliuz e Wine
Fernanda Guimarães, O Estado de S.Paulo
Antes concentradas em listagens nos Estados Unidos, as startups e empresas de tecnologia brasileiras começaram a buscar captação no mercado local, em um momento em que os investidores procuram complementar suas carteiras com mais empresas ligadas ao mundo digital.
Nas próximas semanas, o site de intermediação de vendas Enjoei.com, a empresa de cupons de desconto e cashback Méliuz e o e-commerce de vinhos Wine estão com estreias programadas na B3, com ofertas iniciais de ações (IPOs, na sigla em inglês) que podem chegar a mais de R$ 3,5 bilhões, movimento ainda novo no mercado brasileiro.
Na B3, o número de representantes do setor de tecnologia ainda é baixo Foto: Daniel Teixeira/Estadão
Ainda entre as candidatas com perfil tech, já com pedido de registro na Comissão de Valores Mobiliários (CVM), mas ainda sem data, estão a plataforma de aluguel de imóveis Housi e a Mosaico, dona do site Buscapé.
O movimento das empresas de tecnologia ocorre em um momento de maior volatilidade do mercado, que afastou gigantes de setores tradicionais como a Havan (de Luciano Hang) e Caixa Seguridade, que resolveram deixar a oferta para depois, já que teriam dificuldade em precificar suas ofertas ao preço desejado, segundo fontes próximas às operações. Outros que estavam na fila e suspenderam ofertas são o banco BR Partners e a Compass, controlada da Cosan.
“O mundo está em plena transformação, com a digitalização do mundo real. As empresas dessa nova economia têm enorme potencial de crescimento e veremos cada vez mais representantes na Bolsa”, afirma o diretor de operações da gestora de investimentos em venture capital KPTL (lê-se Capital, em inglês), Gustavo Junqueira.
A onda dessas novatas na Bolsa também testará o entendimento dos investidores locais para as histórias dessas empresas que, no geral, têm receitas ainda pequenas, mas que crescem em ritmo acelerado, e muitas operam no prejuízo. A Méliuz, uma investida do tradicional fundo de venture capital Monashees, reportou no primeiro semestre receita líquida de R$ 55,4 milhões, aumento de 61% ante igual período do ano passado. O resultado líquido ficou no azul, com lucro de R$ 12,7 milhões – foi R$ 1,6 milhão na primeira metade de 2019.
A Enjoei.com, conhecida por ser uma espécie de brechó online que ganhou popularidade ao atrair “famosos” a abrirem lojinhas no site, também é uma investida da Monashees. A companhia reportou, de janeiro a junho, receita líquida de R$ 28,6 milhões e prejuízo líquido de R$ 4,1 milhões.
Como é a precificação
“As empresas de tecnologia são precificadas de forma diferente de outras empresas e não pelo múltiplo do lucro”, diz executivo de um banco de investimento. A estreia da Enjoei.com na B3 está prevista para dia 29 e a da Méliuz e Wine para 5 e 6 de novembro.
“A economia de juros baixos para aplicações financeiras, aliada ao imenso leque de oportunidades e ao apetite a risco dos investidores, também encoraja a busca pelo financiamento via mercado de capitais. Para as startups, o financiamento através de IPO mostra-se mais atraente que o empréstimo bancário puro e simples, principalmente pela compreensível inexistência de track-record dessas empresas no mercado financeiro”, afirma o sócio do Bocater Advogados, José Luiz Braga.
Em fevereiro, a empresa de TI Locaweb, que fez um IPO na B3 de R$ 1,4 bilhão, ajudou a quebrar o estigma de que empresas de tecnologia não eram bem avaliadas se fizessem oferta local. A empresa estreou com valor de mercado de R$ 2,6 bilhões, um múltiplo de mais de 30 vezes o lucro projetado para este ano, atraindo até fundos gringos especializados em tecnologia.
Na época, a leitura foi de que o IPO quebrou a tese de que esses investidores não compram diretamente no mercado brasileiro e ajudou a abrir a porta para outras empresas de tecnologia optarem pela oferta local. A busca dos investidores pelo papel seguiu alta após seu debute na B3: em cerca de oito meses a ação da Locaweb deu salto de 265%.
Na B3, o número de representantes do setor de tecnologia ainda é baixo: além da Locaweb há poucas do setor listadas (Totvs, Linx, Sinqia e B2W). Magazine Luiza já é considerada também uma empresa tech, após sua transformação digital.
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