Brazil sports retailer Track & Field files for IPO

BRASILIA (Reuters) - Sports apparel retailer Track & Field on Tuesday filed for an initial public offering with Brazil’s securities industry regulator.

Track & Field has 231 stores in the country and had 275 million reais ($61 million) net revenue and 51 million reais net income last year, according to the preliminary prospectus.

The company hired Banco BTG Pactual, Bank of America, Itau BBA and Santander Brasil to manage the IPO.

Twenty two Brazilian companies are waiting for the regulator’s approval for their initial public offerings and investment bankers expect 2020 to become record year for capital markets in the country.

Reporting by Aluisio Alves; Editing by Sandra Maler and Stephen Coates