July 17, 2020 / 12:12 PM / 24 days ago

Brazil drugstore chain d1000 plans to raise $82 million in IPO

SAO PAULO (Reuters) - Brazilian drugstore chain d1000 plans to raise roughly 439.2 million reais ($82.38 million) in an initial public offering, according to a securities filing late on Thursday.

The company set the IPO price range at between 17.00 reais and 20.32 reais each, with the final price to be set on August 6. The offering may raise a higher amount if overallotments are issued.

d1000, which is controlled by drug distributor Profarma (PFRM3.SA), plans to use the proceeds of the sale of 23,536,205 shares mainly to partially pay down its debt and open new stores, it said. Currently it has 196 stores.

The company posted a loss of 6.3 million reais in the first quarter.

Investment banking units of XP Inc and Banco do Brasil SA will manage the share offering.

Reporting by Carolina Mandl; Editing by Chizu Nomiyama

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