Chile's Cencosud plans $288 million IPO by Brazilian unit- sources
SAO PAULO (Reuters) – Chilean retailer Cencosud SA is expecting to raise around 1.5 billion reais ($288 million) in the initial public offering of its Brazilian operations, two sources with knowledge of the matter said on Monday.
The offering will be exclusively primary, with all proceeds going to the company to fund its expansion. The price range for the shares and potential size of the transaction have not been announced publicly.
Cencosud Brasil, which started operations in 2007, said it plans to raise money to acquire companies, open new stores, renovate units and invest in e-commerce and logistics. Its Chilean controlling shareholder will not sell shares in the IPO.
Cencosud did not immediately reply to a Reuters request for comment.
Itau BBA, Bank of America, JPMorgan & Chase Co, Bradesco BBI and Santander will manage the offering.
($1 = 5.1851 reais)
($1 = 5.2077 reais)
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