Advent International has agreed to sell its 88% stake in Brazil-based home improvement retailer Lojas Quero-Quero via the company’s IPO for up to R$1.9b. Advent originally invested R$300m in the company in 2008.

(Reuters) Brazilian home improvement retailer Lojas Quero-Quero SA concluded on Thursday an initial public offering that may raise 2.2 billion reais ($412.64 million), according to a securities filing.

Quero-Quero is controlled by a fund managed by U.S. private equity firm Advent International Corp since 2008. Both the company and the fund sold shares in the offering.

The retailer priced its shares at 12.65 reais each, at the mid-point of an indicated range.

The private equity firm, which has operated in Brazil since 1997, plans to raise up to 1.9 billion reais with the full sale of its 88% stake in Quero-Quero, depending on the complete exercise of an overallotment of shares.

Quero-Quero raised 280 million reais to invest in new distribution centers and increase cash.

Besides being a home improvement retailer with 353 stores in Brazil’s southern region, Quero-Quero also offers its clients financial services such as credit cards.

Investment banking units of BTG Pactual, Bank of America, Itau Unibanco, Bradesco, Banco do Brasil and broker Easynvest managed the offering. ($1 = 5.3315 reais) (Reporting by Carolina Mandl and Paula Laier; Editing by Leslie Adler and Muralikumar Anantharaman)