April 5, 2018 / 2:32 PM / 3 months ago

Brazilian Banco Inter hopes to raise over $200 million in IPO, sets range

SAO PAULO (Reuters) - Brazilian online bank Banco Intermedium on Thursday set the price range for its initial public offering between 18 reais ($5.42) and 23 reais ($6.92) per share, according to a securities filing.

Inter, as the bank is known, and its shareholders would raise about 728 million reais ($219.18 million) in the offering, if the IPO prices in the middle of the range.

The bank intends to use 600 million reais from the proceeds to fund its expansion.

Two Brazilian asset management firms, Squadra Investimentos and Atmos Gestão de Recursos Ltda, agreed to buy up to 200 million reais worth of the Banco Inter shares, the filing said.

The IPO is scheduled for April 26 on the São Paulo stock Exchange.

Banco Inter filed for the IPO in February while it was also exploring a stake sale.

In December, Inter had 380,000 clients, 3.5 billion reais in assets and 383 million reais in net equity.

Reporting by Carolina Mandl and Aluisio Alves; Editing by Chizu Nomiyama and Jeffrey Benkoe

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