(Recasts with up to date share data, context)SAO PAULO, Sept 11 (Reuters) – Shares in Brazilian pet merchandise retailer Petz had been up 7% to 14.72 reais in mid-morning buying and selling in its debut on Brazil’s stock market after pricing the yr’s largest preliminary public providing.The benchmark Bovespa index was down 0.5%.Petz is considered one of a raft of Brazilian retailers to announce new share choices in 2020 regardless of the financial disaster brought on by the coronavirus pandemic.Its IPO was the most important in Brazil thus far this yr, in response to stock market operator B3 SA, elevating three billion reais ($567 million) two days in the past.Initially of Friday buying and selling, shares in Pet Heart Comercio e Participacoes SA, because the retailer is formally recognized, rose as a lot as 10%.Managed by Warburg Pincus, Petz will use proceeds raised to open new shops and veterinary hospitals in Brazil, the world’s third largest pet market, in response to Euromonitor.It presently operates 110 shops within the nation.Petz’s gross sales rose by 36.6% within the first half of the yr to 731.6 million reais, because it opened new shops and elevated on-line gross sales throughout the pandemic.$1 = 5.2946 reais Reporting by Ana Mano and Paula Laier; Enhancing by Invoice Berkrot
