Advent-backed Grupo BIG, a Brazilian supermarket chain, filed for an initial public offering. Advent acquired 80% of Walmart Inc’s operations in Brasil in 2018 renaming it a year later to Grupo BIG.
(Yahoo Finance) Brazilian supermarket chain Grupo BIG Brasil filed for an initial public offering, according to a securities filing on Monday.
Grupo BIG is owned by private equity firm Advent International Corp, which in 2018 acquired 80% of Walmart Inc’s operations in Brasil. Roughly a year later Advent dropped the Walmart brand and renamed the business Grupo BIG.
Grupo BIG’s preliminary prospectus said that the IPO will include primary and secondary offerings of shares. Walmart is among the sellers in the secondary offering.
Banks Itau BBA, Bank of America, BTG Pactual, Credit Suisse, Bradesco BBI and J.P. Morgan will coordinate the IPO, the filing said.
Grupo BIG said it will use the proceeds to open or renovate stores and gas stations as well as to convert retail locations to wholesale. (Reporting by Aluisio Alves, writing by Jake Spring; Editing by Cynthia Osterman).