BTG Takes Small Step toward IPO

BTG Pactual has filed to become an open company in Brazil, a move considered to be the first step in the IPO process. However, the Brazilian investment bank notes that the registry “does not indicate that an IPO is imminent.” CEO Andre Esteves told LatinFinance in February that the bank saw an IPO in the next 1-2 years. The firm had reportedly been considering a float last year, but it instead went to the private market. In December, it issued $1.8bn in new shares to a consortium including Asian and Middle East sovereign wealth funds.