Online retailer Nova Pontocom ready for IPO, CEO says

Thursday, March 31, 2011

Brazil's Nova Pontocom, the online unit of retail giant Companhia Brasileira de Distribuição (CBD), is ready to launch an initial public offering (IPO) of shares, CEO German Quiroga said Wednesday (Mar 30).

"It depends on a decision by the management board, but we're ready for an IPO at any moment," he said.

Nova Pontocom hosts the online stores of supermarket chain Extra, and electronics and furniture retailers Ponto Frio and Casas Bahia.

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According to Quiroga, the company is also "mapping out" the market for possible acquisitions.

In 2010, Nova Pontocom had an 18% share of the Brazilian online retailing market with sales of 2.7bn reais (US$1.65bn), a rise of 56% on the previous year.

The e-commerce company also said it plans to grow between 30% and 50% above the market average in 2011-13.

by Luana Pavani