August 23, 2019 / 1:29 PM / a month ago

UPDATE 1-Dutch fashion retailer C&A hires banks for Brazilian subsidiary IPO-paper

(Adds comments from C&A, XP and Bradesco BBI)

By Gabriela Mello

SAO PAULO, Aug 23 (Reuters) - Cofra Holdings, the controller of Dutch fast-fashion retailer C&A, has hired six banks to manage an initial public offering of its Brazilian subsidiary, newspaper Valor Economico reported on Friday, citing two unnamed sources.

The company aims to raise at least 2 billion reais ($489.56 million) with the transaction, according to the paper. Cofra hired the investment banking units of Banco Bradesco SA, Morgan Stanley, BTG Pactual, Citigroup Inc, Banco Santander Brasil SA and broker XP Investimentos to manage the offering.

C&A said it “does not comment on market rumors,” while XP and Bradesco BBI declined to comment. Other banks did not immediately respond to a request for a comment. ($1 = 4.0853 reais) (Reporting by Gabriela Mello, Editing by Franklin Paul and Jonathan Oatis)

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