With the declared objective of becoming a fashion ecosystem, Arezzo, still known for its footwear brand, has just put R$830 million in cash after carrying out its subsequent offering of shares (follow-on) on the Brazilian stock exchange. Alexandre Birman’s company made it clear, in a meeting with investors throughout the fundraising process, that it intends to finance its expansion through acquisitions.
The share was priced at R$82.35, with demand exceeding the volume of supply by six times, according to sources. Foreign investors took around 40% of the volume, according to Estadão. The additional lot was sold because of high demand among investors. It was the company’s first public offering since its IPO (initial offering of shares), 11 years ago.
The capitalization was completed two months after the company announced the acquisition of the Carol Bassi brand, for R$ 180 million – a transaction that marked its entry into the women’s fashion segment. The company had already purchased Reserva, for men’s clothing, in 2020. It also acquired smaller brands, such as Troc (virtual thrift store), MyShoes and BAW.
After several negative months for the Brazilian equity market, the start of 2022 has been better, with the help of foreign investors. So, even if risk aversion is affecting companies that want to debut on B3, there is room for offers from companies already listed, such as Arezzo. The offer was coordinated by BTG Pactual, Bofa, XP, Santander and BB UBS.
The information is from the newspaper. The State of São Paulo.
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