Brazil-based Banco Inter SA on Feb. 23 filed for an initial public offering with securities regulator CVM.

The offer includes primary and secondary shares, according to a preliminary offer prospectus. Banco Inter did not specify the number of shares to be offered nor the value of the transaction.

According to the prospectus, Banco Inter's shares would be listed on Novo Mercado, stock exchange operator B3 S.A. – Brasil Bolsa Balcão's highest corporate governance segment.

The investment banking units of Banco Bradesco, Morgan Stanley, Citigroup Global Markets Brasil and Banco do Brasil will coordinate the IPO. The banks will also aim for an international placement of the shares.

According to Diário de Comércio, the IPO is expected to take place in April. It is also seen to move about 800 million Brazilian reais in 2018, research company Empiricus said.

Banco Inter will use the funds that will be raised in the offering to expand the supply of credit and for potential acquisitions. The capital increase related to the primary offer is subject to prior approval by Banco do Brasil.

Aside from the IPO, Banco Inter hired the Brazilian subsidiary of Japan-based Nomura Securities International to scout for potential buyers of a stake in the bank, Reuters reported, citing "two people with knowledge of the matter." Some of the investors contacted by Nomura were buyout companies that invest in Brazil, the sources said.

The bank is looking for the best deal, and thus chose to implement efforts to sell a stake and list the company at the same time, Reuters said.

In November 2017, Banco Inter filed for registration as a publicly held company, but canceled it earlier in the year as it looks to have more flexibility for the share offering.

Banco Inter in 2017 registered net income of 48.2 million reais, rising 89.1% year over year.

As of Feb. 23, US$1 was equivalent to 3.24 Brazilian reais.