C&A Modas Ltda., the Brazilian arm of Dutch fashion retailer C&A, is planning to raise 1.8 billion reais in its IPO in Brazil, Reuters reported Oct. 24, citing a securities filing and two other sources.
The company reportedly priced its shares at 16.50 reais, the bottom end of its 16.50 reais to 20 reais price range.
C&A Modas and its shareholders have reportedly sold 1.6 billion reais worth of shares. The deal value was raised to 1.8 billion reais following the issuance of the full supplementary allotment due to high demand, the report added.
The Brenninkmeijer family, which controls C&A, sold part of its stake in the share sale, cutting its ownership to about 64%, according to the report.
The investment banking units of Morgan Stanley, Banco Bradesco SA, Banco BTG Pactual SA, Citigroup Inc., Banco Santander Brasil SA and XP Investimentos SA managed the offering, the newswire said.
As of Oct. 24, US$1 was equivalent to 4.01 reais.