SAO PAULO, Aug 12 (Reuters) - Brazilian department store
chain Lojas Havan is seeking to raise 10 billion reais ($1.83
billion) in an initial public offering, Brazilian newspaper
Valor Economico reported on Wednesday.
With 149 stores in 17 Brazilian states, Havan is aiming for
a valuation higher than Lojas Americanas, whose
market capitalization is nearly 62 billion reais, Valor said
The proceeds of the offering would be used to open roughly
600 new stores and distribution centers, the report said.
Havan is controlled by Luciano Hang, a businessman who
strongly supports far-right President Jair Bolsonaro.
Havan's popular stores sell a wide range of products from
electronics to clothes and dishes. Havan is famous for having
enormous replicas of the Statue of Liberty placed in front of
each of its stores.
Havan did not immediately respond to a Reuters request for
comment on the IPO.
($1 = 5.4787 reais)
(Reporting by Carolina Mandl
Editing by Nick Zieminski)