Carrefour prepares IPO for Brazilian division | Progresiv
French supermarket company Carrefour took the first step towards to its Brazilian branch’s IPO. It hopes to attract 4.5 to 5.6 billion Brazilian real (1.2 to 1.5 billion euro). 
Following the IPO, Carrefour will still control 71 % of its branch. Every share should be worth 15 to 19 real (4 to 5 euro), which would mean Carrefour Brasil would be worth 37.6 billion real (10 billion euro) at most, twice as much as competitor Groupe Casino’s South American branch – GPA SA.
Carrefour Brasil wants to use the money to continue its competition with GPA SA, especially since it recently surpassed GPA as Brazil’s most diversified retailer.
The IPO should launch on 20 July, with 206 million shares at first and profit going straight to the company. Another 91 million shares will follow soon after, from Carrefour Brasil and profit will go straight to Brazilian business man Abilio Diniz. If he so desires, he can sell another 59 million shares in a third stage.
Diniz’ family founded GPA, but he has been part of Carrefour Brasil since 2014. He and several family members acquired a 10 % stake in Carrefour Brasil in 2015. (www.retaildetail.eu)
