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Magazine Luiza Share Offering to Raise $1.13 Billion

  • Controlling shareholders sold additional 10 million shares
  • Money will be used to enhance technology, expand e-commerce

Pedestrians pass in front of a Magazine Luiza SA store in Sao Paulo.

Pedestrians pass in front of a Magazine Luiza SA store in Sao Paulo.

Photographer: Paulo Fridman/Bloomberg

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Magazine Luiza SA, the Brazilian retailer that is fast becoming one of the country’s leading e-commerce providers, sold shares at 43 reais each, boosting its coffers to face escalating competition in the online field.

The offering raised 4.73 billion reais ($1.13 billion), including a primary sale of 100 million shares, the firm said in a regulatory filing. Controlling shareholders LTD Administracao e Participacoes and Wagner Garcia Participacoes also sold 430 million reais in shares, half of the amount they initially considered selling.