Planned IPO of Brazilian bank BMG may raise up to US$395m

[SAO PAULO] The initial public offering (IPO) of Brazilian bank BMG SA may raise up to 1.6 billion reais (US$395 million or S$544 million) if the bank sells all the shares at the top of the range set for the transaction.

In a securities filing on Friday, BMG said it will issue 103.4 million new shares and its shareholders will sell 16.5 million shares.

The price range was set between 11.60 reais and 13.40 reais per share. BMG expects to price its IPO on Oct 24, the filing said.