BTG Heard Nearing IPO Filing

BTG Pactual is said to be close to filing for its long-awaited IPO, seen by the markets raising BRL1bn-BRL2bn ($588m-$1.2bn). JPMorgan and Goldman Sachs are heard having joined BTG’s own ECM team in managing the sale thus far, with the possibility to add another bank. With the Bovespa up 16.2% this year through Tuesday, and many issuers rushing to the market, now may be as good a time as any to float the roughly 10% piece of the bank to raise funds for its continued expansion. BTG was able to delay the IPO plan somewhat thanks to the $1.8bn private sale of 18.65% to a group of private equity funds, sovereign wealth funds, family vehicles and a few of the bank’s own senior management, done in late 2010.