(Adds details on offering size, background)
SAO PAULO, Oct 8 (Reuters) - Brazil's jewelry retailer Vivara SA has priced its initial public offering at 24 reais per share, two sources with knowledge of the matter said on Tuesday.
The pricing was slightly above the middle of the range set by the banks advising the company, which was between 21.17 reais and 25.40 reais.
Both the company and its shareholders raised funds in the offering that raised 2.3 billion reais ($561.7 million), according to both sources. This amount assumes the full exercise of a 30-day overallotment option of 14.2 million shares.
The investment banking units of Itau Unibanco Holding SA, Bank of America, XP Investimentos and JPMorgan Chase & Co managed the offering.
With 234 points-of-sale, Vivara posted revenues of 523.7 million reais and net income of 186 million reais in the first half of the year.
$1 = 4.0945 reais Reporting by Carolina Mandl and Tatiana Bautzer; editing by Sandra Maler and Richard Pullin