Brazilian retailer Havan hires banks for IPO: sources

SAO PAULO (Reuters) – Brazilian department store chain Havan SA has hired hired banks to lead its planned initial public offering, three sources familiar with the matter said, in what would be one of the country’s biggest stock flotations this year.

Investment banking units of Itau Unibanco Holding SA, XP Inc, BTG Pactual SA, Morgan Stanley, Banco Bradesco SA, Banco Safra, JPMorgan Chase, Santander Brasil and Bank of America will manage the offering, the sources added.

The sources said some 5 billion reais ($892.46 million) portion of the offering will go to further expand the chain of 149 stores, instantly recognizable for the Statue of Liberty replicas that adorn them.

Havan’s controlling shareholder Luciano Hang, an outspoken supporter of far-right President Jair Bolsonaro, will also use the IPO to sell part of his stake in the department store chain, which sells products from electronics to clothes and housewares.

The total value of the offering, including the new shares and the stake to be sold by Hang, has yet to be determined, the sources said.

Hang did not immediately comment on the matter when asked by Reuters.

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