Which valuation will C&A reach ahead of Brazilian I.P.O.?

The Dutch fashion retailer plans an I.P.O. on the Brazilian stock market and to raise US$220 million in the primary offer, with the secondary offer still to be defined. According to financial analysts, the C&A valuation should range between US$1.5 billion and US$1.9 billion. As a comparison, fashion rivals like Renner is currently valued at US$9.6 billion, Guararapes (parent company of Riachuelo) is worth US$2.4 billion and Marisa is worth US$433 million.