June 6, 2019 / 9:43 PM / 10 days ago

Brazil jeweler Vivara hires advisors for initial public offering: sources

SAO PAULO (Reuters) - Brazilian jeweler Vivara has hired advisors for an initial public offering, two sources with knowledge of the matter said on Thursday.

The sources, who requested anonymity due to the private nature of the talks, said Vivara has hired the investment banking units of Bank of America Corp and Itau Unibanco Holding SA to manage the transaction, as well as broker XP Investimentos.

One of the sources said the offering aims to raise 1.5 billion reais ($386 million). The largest part of the offering will be primary, in which the company issues new shares and raises money. Vivara aims to use the proceeds to expand its stores network.

Vivara, Bank of America, Itau and XP did not immediately respond to requests for comment. Brazilian newspaper Valor Economico first reported the IPO plans earlier on Thursday, citing sources with knowledge of the matter.

The jeweler, which targets the Brazilian middle class, has around 200 points of sale in the country, which include stores and kiosks in shopping malls. A potential secondary offering, in which shareholders sell part of their stakes, is also under consideration.

Vivara’s controlling shareholders, the Kaufman family, also own home furnishing retail chain Etna.

Reporting by Tatiana Bautzer; editing by Diane Craft

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