August 23, 2019 / 12:43 PM / 24 days ago

Dutch fashion retailer C&A hires banks for Brazilian subsidiary IPO-paper

SAO PAULO, Aug 23 (Reuters) - Cofra Holdings, the controller of Dutch fast-fashion retailer C&A, has hired six banks to manage an initial public offering (IPO) of its Brazilian subsidiary, newspaper Valor Economico reported on Friday, citing two unnamed sources.

According to the paper, the company aims to raise at least 2 billion reais ($489.56 million) with the transaction. The company hired the investment banking units of Banco Bradesco SA, Morgan Stanley, BTG Pactual, Citigroup Inc, Banco Santander Brasil SA and broker XP Investimentos to manage the offering.

C&A and the banks did not immediately respond to Reuters’ request for a comment.

$1 = 4.0853 reais Reporting by Gabriela Mello, Editing by Franklin Paul

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