The shoemaker announced on Thursday a follow-on share offering of 7.5 million shares as it aims to raise money for long-term investments, including new stores and potential mergers and acquisitions.

Arezzo said in a securities filing the offering could be increased by up to 35 percent, or 2.63 million shares, if demand allows it.

Considering the closing price of 81.91 reais in Arezzo on Wednesday, 829.34 million reais ($153.03 million) would be raised if all the additional shares are sold, it said.

The offering is expected to be priced on Feb. 3.

Investment banks Itau BBA, BTG Pactual, Bank of America Merrill Lynch, XP Investimentos and Santander Brasil will manage the offering.

“The company expects to use all of the proceeds to invest in long-term assets, including brand development, new store openings, supply chain and technology, and M&A,” Arezzo said.

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Arezzo & Co Acquires My Shoes, Partners With Mercado Libre

The footwear giant has acquired My Shoes, a local women’s footwear brand that has been inactive for the past three years.