Brazilian pharmaceutical retailer Brazil Pharma S.A. (BPHA3.BR) said Friday that it raised 414 million Brazilian reais ($260.3 million) through an initial public offering of shares on the Brazilian Stock Exchange, or BMFBovespa. The company sold 24 million common shares, with each share priced at BRL17.25. The company's share price came in line with its initial estimates of between BRL16.25 and BRL19.25. Brazil Pharma, which is controlled by the local investment bank BTG Pactual, plans to use the proceeds for acquisitions and investment in new stores as well as for the financing of its working capital.
