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Food retailer Sonae MC seeks to raise up to €359M in IPO

Portuguese food retailer Sonae MC SGPS SA will offer 217,360,000 ordinary shares in an IPO on Euronext Lisbon.

In an Oct. 4 press release, Sonae MC's holding company Sonae SGPS S.A. said that the shares are being offered by its unit Sonaecenter Serviços SA to both retail and institutional investors.

According to the news release, 23% of the shares will be offered through a public offering to retail investors in Portugal, while the remaining 77% will be offered via a private placement reserved for institutional investors in and outside Portugal.

Sonaecenter Serviços has granted the joint global coordinators an overallotment option of up to 32.6 million shares. Sonae SGPS will keep a controlling stake in Sonae MC.

The price range for the IPO is between €1.40 and €1.65, targeting proceeds between €304 million and €359 million.

Sonae MC's shares are expected to start trading on Euronext Lisbon under the ticker symbol SONMC on Oct. 23.

Barclays, BNP Paribas and Deutsche Bank are acting as joint global coordinators for the offer and joint book runners for the institutional offering together with Banco Santander, CaixaBank BPI and CaixaBI.

Haitong Bank, JB Capital Markets and Mediobanca are acting as co-lead managers. CaixaBI and Millennium Investment Banking are acting as joint lead managers and joint book runners for the retail offering.