Brazilian Advent-backed retailer Quero-Quero launches $356 mln IPO
SAO PAULO, July 20 (Reuters) - Brazilian home improvement retailer Lojas Quero-Quero SA plans to raise roughly 1.9 billion reais ($355.72 million) in an initial public offering, based on the midpoint of the IPO's price range, it said in a filing.
Controlled by private equity firm Advent International Corp since 2008, Quero-Quero set the price range for its shares at between 11.30 reais and 14 reais. The final price will be set on Aug. 6.
The vast majority of shares in the IPO will be sold by Advent, the controlling shareholder, which may use the flotation to sell its entire 88% stake in the company. The company will also sell some new shares, with the proceeds to be used to fund new distribution centers and to expand operations.
Advent plans to sell between 131,288,465 and 154,300,319 shares, depending on the issuance of overallotments, while Quero-Quero will offer 22,123,894 shares.
Besides being a home improvement retailer with 353 stores, Quero-Quero also offers its clients financial services such as credit cards.
The investment banking units of Banco BTG Pactual SA, Bank of America, Itau Unibanco Holding SA, Banco Bradesco SA, Banco do Brasil SA and broker Easynvest will manage the offering.
($1 = 5.3413 reais)
(Reporting by Carolina Mandl; editing by Jonathan Oatis)
((email@example.com; +55 11 5644 7703; +55 11 97116-3806;))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.