Private equity-backed Globant, a software development and maintenance company whose principal operating subsidiary is based in Argentina, launched an initial public offering (IPO) on the New York Stock Exchange (NYSE), valuing the company at almost US$400 million. Globant priced the offering at US$10 a share, raising US$66 million, and began trading on the NYSE on 18 July 2014. Private equity firm Riverwood capital, which originally invested in Globant in July 2007, partially exited its stake during the IPO. Globant intends to use the proceeds to pay debts and corporate expenses, fund potential acquisitions and for working capital.