October 16, 2017 / 11:17 AM / a year ago

Brazil's Algar files for IPO as offerings have best year since 2013

SAO PAULO, Oct 16 (Reuters) - Algar Telecom SA, a Brazilian telecommunications and information technology service provider, has filed for an initial public offering before the São Paulo Stock Exchange, as sales of new stock topped their best year since 2013.

In a Monday securities filing, Ubêrlandia, Brazil-based Algar said it will issue undetermined amount of new shares in the IPO. Shareholders led by Algar SA Empreendimentos & Participações, Árvore SA Empreendimentos & Participações and other shareholders will relinquish some of their existing shares in the transaction, the filing added.

Algar has hired the investment-banking unit of Banco Bradesco SA to underwrite the IPO, alongside those of Grupo BTG pactual SA, JPMorgan Chase & Co, Banco Santander Brasil SA, Banco do Brasil SA, UBS Group AG and Itaú Unibanco Holding SA, the filing said. It had picked the underwriting banks around Sept. 25.

Reporting by Guillermo Parra-Bernal

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