August 20, 2019 / 8:22 PM / a month ago

Brazilian jewelry chain Vivara files for IPO-filing

(Reuters) - Brazilian jewelry chain Vivara Participações on Tuesday filed for regulatory approval for an initial public offering, according to a securities filing.

The transaction, expected to be priced on Oct. 22, will include issuance of new shares to raise money for the company and sale of existing shares to reduce current shareholders’ stakes.

Proceeds will be used to open new stores, expand factories and launch a new brand, as well as to invest in technology, the company said in the filing.

Vivara has hired the investment banking units of Itau Unibanco Holding SA (ITUB4.SA), Bank of America Corp (BAC.N) and XP Investimentos to manage the IPO.

Reporting by Aluisio Alves; Writing by Gabriela Mello; Editing by David Gregorio

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