Brazil's Smartfit may raise $454 million in IPO – prospectus

SAO PAULO (Reuters) – Brazilian gym and dance school chain Smartfit said it may raise around 2.250 billion reais ($454 million) through the sale of shares in an initial public offering, according to a preliminary prospectus issued late on Tuesday.

That estimate is based on a price per share of 22.50 reais, which is in the middle of an estimated price range of between 20 reais and 25 reais per share, the prospectus said.

The deal will be priced on July 12, and proceeds will be used to grow the business.

Banco Itau is the leading coordinator of the offering, which will initially involve the sale of 100 million shares. More shares may be sold as part of the offering, depending on market conditions, Smartfit said.

($1 = 4.9574 reais)

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