(Reuters) – Online auction group Superbid has filed for an initial public offering (IPO) in search of market resources to fund its expansion plan.
Created in 1999, Superbid has its own auction platform and rents infrastructure for transactions made by third parties in the sale of products that range from cars repossessed by banks and insurance companies to real estate and industrial equipment.
In 2007, it started operations abroad, starting in Argentina, a movement that later also reached Chile, Colombia and Peru. International operations, which represent around 30% of total revenues, should soon include operations in Paraguay and Uruguay.
In the preliminary prospectus of the offer presented to the Brazilian Securities and Exchange Commission (CVM), the company states that around 1.63 billion reais were traded through its systems in 2020. In the first nine months of this year, another 1.33 was computed. billion reais in sales.
In the offer, which will be coordinated by Itaú BBA, XP, Safra and Credit Suisse, the company whose shareholders are family members of the traditional auction group Sodré Santoro, intends to use the proceeds from the sale of new shares to make strategic acquisitions, develop its fintech and to pay off bank debts.
In addition, the company’s current shareholders plan to sell a stake in the business.
(Reporting by Aluísio Alves)
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