Brazilian drugstore chain Pague Menos raises $136 million in IPO: filing

BRASILIA (Reuters) – Brazilian drugstore chain Pague Menos raised 746.9 million reais ($136 million) in an initial public offering priced at 8.50 reais per share, according to a securities filing on Monday.

The company had to lower its price range bottom, initially set at 10.22 reais, in order to find enough demand for its shares, after two smaller rivals – Dimed (PNVL4.SA) and d1000 DMVF3.SA – recently concluded share offerings and saw their share prices plunge.

The drugstore chain, which is backed by private equity firm General Atlantic LLC, is mainly seeking resources to fund its growth. Currently, it has 1,124 stores.

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