Navent, a leading jobs and real estate classified company operating in Latin America, told us on Thursday it aims to list only in 2017 – as we have suggested several times in our Classified Intelligence Report (CIR) and on our site in the recent past.

For reference, please, check Classified Intelligence Report Vol. 17, Jan. 28, 2016, titled “Investors’ offer for Zhaopin snarls Seek’s growth plans for China”.

In November last year, a former Navent VP told us in Buenos Aires that it hadn’t at that stage fixed a date to go public.

“The business continues to be our priority. Obviously, the IPO is something important. But, we don’t want to lose the focus on the business. If everything works out in a fantastic way, then we could go public in 2017.

“Before 2017, there’s no way for that to happen,” former VP Cristóbal Perdomo told Classified Intelligence Report at the time.

 (from his LinkedIn profile page with thanks)

Nicolas Tejerina, CEO of Navent  (from his LinkedIn profile page with thanks)

Commenting a report by Forbes México, Navent’s CEO, Nicolás Tejerina, confirmed on Thursday the company was still working with a 2017 timeline.

“We have always (had) 2017 as (our) horizon [to go public],” he commented.

Despite the plans, Tejerina said the time frame can’t be narrowed down, and will depend on the “market’s appetite.”

“We’re working to be ready in 2017,” he told us in an email.

Forbes México reported Navent wants to list on the NYSE, but Tejerina denied it. “We haven’t decided where we’ll list – the U.S. or elsewhere – and when we should do it,” he said.

Last year, Techcrunch estimated Navent’s market value at $600 million U.S., and said the Buenos Aires-headquartered company was among the ten biggest LatAm digital companies, as measured by market value.

MercadoLibre was valued at $6.3 billion U.S., while VivaReal of Brazil — a direct competitor of Navent’s ImovelWeb — was valued at $250 million U.S..

Forbes México quoted Tejerina as saying that, “an IPO tomorrow [meaning in a near future]” would give the company access to cheaper capital compared to the capital available in Latin America nowadays.

From a one-euro company to a LatAm giant

Latin America is home to some interesting classified companies that started out as “small-room start-ups.” Started from scratch, they now fight for top positions in extremely competitive markets.

VivaReal is one such a company. “For years we had no money. We didn’t have cash. We didn’t take outside investment for years and no-one thought we were capable of competing,” Brian Requarth, executive chairman of VivaReal, told us.

Brian Requarth, executive chairman of VivaReal (from his LinkedIn profile page with thanks)

Brian Requarth, executive chairman of VivaReal (from his LinkedIn profile page with thanks)

“In fact, I think until a few years ago, few have heard of us. That’s the story. We came out of no-where. Now we’re arguably the leading real estate website,” Requarth told us back in 2014.

VivaReal’s story is impressive. Requarth himself (and TechCrunch) offer some interesting details about the Brazil-based real estate player.

Navent, one of Latin America’s largest classified companies by revenue and number of employees, is another company which grew from humble beginnings.

Telefonica used to own Bumeran, a jobs site in Argentina, which Tejerina helped launch in 1999, but which wasn’t going well and landed on the market. Tejerina wanted to buy it.

On a flight from Buenos Aires to Spain the Argentinian executive memorized the arguments he wanted to use to acquire the struggling asset. Surprisingly, the Spanish owners made an unexpected proposal: Tejerina and his partner Navarro could buy it for one euro, if they took the debt of $500,000 over, the owners said.

Tejerina accepted the offer, and bought Bumeran for one euro. The funniest part was that, at the time, Tejerina didn’t have one euro in his pocket.

“The Terra guys [which owned Telefonica] needed to give me an euro coin, to close the deal,” Tejerina recounted in an interview with the Brazilian media.

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