The logo of retailer Cencosud is seen at its corporate building in Santiago, Chile July 23, 2019. REUTERS/Rodrigo Garrido
SAO PAULO, Sept 2 (Reuters) – Chilean retailer Cencosud (CENCOSUD.SN) on Thursday filed for an initial public offering of its Brazilian unit, as it plans to expand its operations in Latin America’s biggest economy, according to the offering prospectus.
Cencosud Brasil, which started operations in 2007, said it plans to raise money to acquire companies, open new stores, renovate units and invest in e-commerce and logistics. Its Chilean controlling shareholder will not sell shares in the IPO.
The retailer has not yet disclosed its planned price per share or total deal amount.
In the first half of 2021, Cenconsud Brasil posted sales of 4.5 billion reais, up 0.7% from a year earlier. Its net income came in at 8 million reais, reversing a loss.
Itau BBA, Bank of America, JPMorgan & Chase Co, Bradesco BBI and Santander will manage the offering.
Reporting by Carolina Mandl
Editing by Alistair Bell
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