Magazine Luiza is seeking to raise about $503-660.3 million through an initial public offering (IPO), The Wall Street Journal reports. The Brazilian department store chain may offer 50.3 million common shares at a price of $10-13.2 each share.
The shares will be listed on BMFBovespa. The proceeds may be used for acquisitions and investment in new stores and for development of electronic commerce. The offering will be coordinated by Itau BBA, BTG Pactual and BB Investimentos.
Click here for the story from The Wall Street Journal.
Click here for the additional coverage from Reuters.