In another sign that e-commerce is thriving, Netshoes Ltd., a leading online retailer in Latin America, is launching an IPO on Wednesday, which it priced at $18 per share.

The Sao Paulo, Brazil-based retailer, which specializes in shoes, fashion and beauty, raised $148.5 million with an offering of 8.3 million shares. Shares will begin trading under the ticker “NETS” on the New York Stock Exchange.

Underwriters include J.P. Morgan Securities, Bano Bradeso BBI, Jefferies LLC and Allen & Company. They have a 30-day option to buy an additional 1.24 million shares. In addition to Brazil, Netshoes also operates in Argentina and Mexico. The company was founded in 2000 and has yet to generate profits, although it is the top online retailer in sports and lifestyle in Latin America and has sold to more than 12.8 million customers.

Online retailers like Amazon.com are thriving as brick-and-mortar retailers are grappling with declining foot traffic, shifting consumer preferences toward experience and food. The growth of the number of stores in recent years has been faster than the population growth, causing a glut in retail space, especially in malls. (See also: Retailers Need to Step Up Closings.)

While e-commerce retailers are garnering more consumer interest without the expense of lease payments, brick-and-mortar retailers are scrambling to revise their sales strategies. Wal-Mart is the latest retailer to make a new push for online sales with its discount on pickup orders, which it hopes will drive more shoppers inside the store. (See also: Wal-Mart to Offer Discount on In-Store Pickup Orders.)

Netshoes itself started as a brick-and-mortar shoe store. But it closed operations in 2007 and then revamped to sell solely online.