Carrefour SA

PARIS — French retail giant Carrefour SA has priced the IPO of its Brazilian activities at 15 Brazilian reais ($4.75 at current exchange) per share, the bottom of a previously announced range, as the long-planned project enters its final stages.

Listing of the shares on the São Paulo stock exchange is scheduled for July 20, marking the end of the tenure of Georges Plassat, who retired from running the company this week.

Plassat, 68, has been replaced by Alexandre Bompard, 44, the former chief executive officer of the French electronic goods chain Fnac Darty.

The sizable Brazilian IPO has been closely watched by investors eager for signs the market is recovering from the country’s economic and political woes.

Carrefour last year shot ahead of local rival GPA SA to become the country’s largest retailer in terms of annual sales. The listing will anchor the Brazilian activities locally as it seeks funds to help it bolster this position.

The company is floating around 15 percent of the Brazilian company. After the offer is settled, likely July 24, Carrefour will retain a stake between 71 percent and 73 percent. The remaining share will be held by Peninsula, the investment vehicle of Brazilian billionaire Abílio Diniz.

Carrefour had said last month the shares of Grupo Carrefour Brasil would be priced at a range between 15 reais and 19 reais per share.

Priced at the low end of that range, which values the Brazilian business at 29.7 billion reais, the retail giant said it will raise around 800 million euros from the primary component of the IPO.

Growth of Carrefour’s Brazilian business, which includes several hundred big box hypermarkets and dozens of supermarkets and convenience stores, has in recent years helped the company offset lackluster growth in its home market.

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