C&A files to begin IPO process in Brazil

C&A, one of the biggest clothing retailers in Brazil, has started procedures for an initial public offering (IPO) on the country’s B3 stock exchange, according to a securities filing released on Thursday.

The unit said it plans to use IPO proceeds to pay down debt and to finance its organic expansion in Brazil. Morgan Stanley, Bradesco BBI, BTG Pactual, Citi, Santander and XP Investimentos are going to coordinate the operation, which includes primary and secondary share offers.