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Brazil agricultural retailer Agrogalaxy launches IPO

·1 min read

SAO PAULO, July 19 (Reuters) - Brazil's Agrogalaxy Participacoes launched an initial public offering (IPO) on Monday aiming to raise roughly 385 million reais ($75.27 million), a securities filing from the agricultural supplies retailer showed.

The company set its price range at between 13.75 reais and 16.50 reais. The final price will be set on July 22.

It will sell 25.5 million shares, but the offering may be increased by 35% depending on demand.

The proceeds will be used for acquisitions and to boost growth, Agrogalaxy said.

In February, the company launched an IPO to raise around $250 million but canceled the plan citing market conditions.

($1 = 5.1147 reais) (Reporting by Carolina Mandl; editing by Jason Neely)