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Brazilian cash back provider Meliuz hires banks for IPO -sources

Carolina Mandl

By Carolina Mandl

SAO PAULO, Aug 13 (Reuters) - Brazilian online coupon and cash rebates provider Meliuz has hired banks to manage an initial public offering, three sources familiar with the matter said on Thursday.

Investment banking units of Banco BTG Pactual SA, Banco Bradesco SA, XP Inc and Itau Unibanco Holding SA will manage the offering, expected by the end of this year.

One of the sources said the offering is likely to raise 800 million reais ($148.81 million), but added that no final decision has been taken.

Founded by Israel Salmen and Ofli Guimaraes in 2011, Meliuz has roughly 10 million registered users and partners with retailers such as Magazine Luiza SA, Lojas Americanas SA, and Amazon, as well as with other providers like Uber Technologies.

Meliuz also offers fee-free credit cards in partnership with Banco Pan SA that refund up to 1.8% of purchases.

Amid the coronavirus crisis, Meliuz has also launched a referral service. If a customer recommends a store to a friend and that person buys a product or service from it, the referring customer receives a payment on the sale.

Meliuz's investors include venture capital funds Monashees, Lumia Capital and Endeavor Catalyst and angel investor Fabrice Grinda. ($1 = 5.3760 reais) (Reporting by Carolina Mandl; Editing by Dan Grebler)