CARREFOUR: Company Prices Brazilian Unit Share At R$ 15 In IPO

(RTTNews) - Carrefour's Brazilian unit share were priced at R$ 15 each in an initial public offering (IPO), or at the bottom of the indicative R$ 15 to R$ 19 price range. Stocks will start trading tomorrow in Brazil's B3.

Carrefour sold 205,882,353 shares, or a 10.4% stake in its Brazilian unit, for R$ 3.088 billion. In a secondary offering, 135,833,065 shares were placed, raising R$ 2.037 billion.

Previously, Carrefour had announced that it intended to sell 91,261,489 stocks in a secondary offering - 34,461,489 of which sold by the company and 56,800,000 by investment firm Peninsula, from businessman Abilio Diniz, who previously managed P?o de A??car - a retailer that is also listed on B3.

Grupo Carrefour Brasil's IPO evaluates the company in around R$ 29 billion. The French company will remain the primary shareholder of the Brazilian unit, with a 70% stake. Peninsula comes next, with just over 10%.

In the first quarter, Carrefour Brasil's net revenue totaled R$ 11.878 billion, a 7.2% increase over the same period last year, while the company's profit rose 18.4% to R$ 161 million. The result surpassed that of P?o de A??car, which in the same period earned R$ 125 million, after a loss of R$ 49 million a year earlier.