SAO PAULO, Nov 19 (Reuters) - Brazilian pet products retailer Petz raised 779 million reais ($140.17 million) in a follow-on share offering of 41 million new ordinary shares, priced at 19.00 reais each, the company said late on Thursday.

The offering implies a 2.8% discount compared with the closing price of 19.55 reais for Petz's shares on Thursday.

Pet Center Comercio e Participacoes SA, as the company is formally known, intends to use the proceeds to speed up the opening of new stores, seek M&A opportunities and develop its digital platform.

Investment banks Itau BBA, Bank of America, Bradesco BBI, BTG Pactual, Morgan Stanley, Santander Brasil and XP Investimentos managed the offering, which was first disclosed earlier this month. ($1 = 5.5576 reais) (Reporting by Gabriel Araujo. Editing by Jane Merriman)