Brazilian sporting goods retailer Track & Field raised BRL523 million ($93.5 million) from its initial public offering (IPO) on Thursday after pricing below target at BRL9.25 per share.
Track & Field set a target price range of BRL10.65 to BRL14.95 per share earlier this month.
The São Paulo-based chain said it raised over BRL182 million from the primary offering and the founders and controlling shareholders Frederico Wagner, Ricardo Rosset and Alberto Azevedo earned BRL341 million in the secondary offering.
BTG Pactual, Bank of America, Itaú BBA and Santander are the underwriters on the IPO.
Track & Field said it will use the proceeds to pay dividends, pay off debt and invest in logistics and technology. The company has a network of 234 stories, 84% of which are franchises.
CTC REGISTERS FOR IPO
Sugarcane research organization Centro de Tecnologia Canavieira (CTC) said late Thursday it registered for an IPO of primary and secondary shares.
CTC, which researches, develops and commercializes new varieties of sugarcane through genetic engineering, hired Morgan Stanley, JP Morgan and BTG Pactual as bookrunners.
The São Paulo-based company said it will use the proceeds from the issuance to design and construct a demonstration plant for genetically modified seeds, increase investments in genomic selection for the identification of disease-resistant varieties and for the identification of new businesses in bioinformatics and data analytics.