Hypermarcas Sets IPO Target

Brazil’s Hypermarcas expects to raise BRL733.9m-BRL877m through a local IPO, based on a price range of BRL20.50-BRL24.50. The company’s 35.8m shares are set to begin trading April 18. Proceeds will fund new acquisitions, new product development, and working capital. Citi and Merrill Lynch are managing the operation, with UBS Pactual as co-manger. The owner of several brands of food, cleaning, hygiene and medication products had filed for an IPO last year, but pulled the plug when it opted to sell a 25% stake to a group of Mexican investors for $250m.