July 10, 2020 / 6:48 PM / a month ago

Brazilian fashion group Soma IPO may reach $375 million

SAO PAULO (Reuters) - Brazilian fashion group Soma expects to price its initial public offering of up to 2 billion reais ($374.5 million) on July 31, according to documents filed on Friday with Brazilian securities industry watchdog CVM.

The base offering of 136.6 million shares may be priced between 8.80 and 11 reais each, and increased by 35% depending on demand. The proportion of new shares and those to be sold by shareholders is unclear.

Soma has 221 apparel stores focused mainly on Brazilian upper middle class customers.

Investment banking units of Itau Unibanco Holding SA, JPMorgan Chase & Co, Bank of America and XP Investimentos will manage the offering.

The shares will begin trading on the Sao Paulo stock exchange on July 31 under the ticker symbol GSOM3.SA.

Reporting by Aluisio Alves; Writing by Tatiana Bautzer; Editing by Richard Chang

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