Grupo SBF, owner of the Brazil sporting goods chain Centauro, filed for an initial public offering on the São Paulo stock exchange.

Centauro operates more than 180 doors.

In the preliminary prospectus, Grupo SBF says it will use the proceeds from the stock offering to open new stores and renovations, as well as to strengthen working capital, amortize debt and investments.

The filing did not disclose a range for the pricing of shares or the number of shares to be sold.

Centauro posted a net income of 148.7 million reais in 2018, down 38.3 percent from the previous year.  Revenue grew 15.6 percent over the same period, to 2.3 billion reais.

Grupo SBF had already filed for an initial public offering in November 2017, but the Securities and Exchange Commission of Brazil (CVM) last June rejected the request because Grupo SBF did not meet the requirements of the municipality.