Investor demand for Banco BMG SA's IPO reached 4x the offering's size, O Estado de S. Paulo reported.

Demand for the offering, which came entirely from institutional investors, was more concentrated on the lower end of the company's indicative per-share price range of 11.60 reais to 13.40 reais.

The bank is expected to price the offering Oct. 24 and close the transaction Oct. 25.

Banco BMG SA aims to obtain an estimated 2 billion reais from the offering, which consists of up to 161.9 million preferred shares.

This is the bank's second attempt to go public, after it shelved an IPO planned for December 2018 when demand fell short of expectations.

As of Oct. 23, US$1 was equivalent to 4.06 Brazilian reais.