September 23, 2019 / 2:06 PM / a month ago

Brazil jewelry chain Vivara plans to raise $395 mln in IPO

SAO PAULO, Sept 23 (Reuters) - Brazilian jewelry retailer Vivara SA plans to raise about 1.65 billion reais ($396 million) in an initial public offering (IPO), it said in a securities filing.

Vivara intends to price its shares between 21.17 reais and 25.40 reais each. The company will price its shares on Oct. 8.

Both Vivara and its controlling shareholders will sell shares in the offering. The proceeds will be used to open new stores, expand production and launch a new brand.

With 234 points-of-sale, Vivara posted revenues of 523.7 million reais and net income of 186 million reais in the first half of the year.

The investment banking units of Itau Unibanco Holding SA, Bank of America, XP Investimentos and JPMorgan Chase & Co will manage the offering.

$1 = 4.1685 reais Reporting by Carolina Mandl; Editing by Edmund Blair

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