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By Guillermo Parra-Bernal
SAO PAULO, Aug 25 (Reuters) - Brazilian insurer Caixa Seguridade Participações SA and reinsurer IRB Brasil RE SA on Tuesday filed plans for initial public offerings that their shareholders expect to raise a combined 13 billion reais ($3.6 billion) should an across-the-board market rout ease in coming weeks.
According to a prospectus filed with regulators, Caixa Seguridade plans a secondary offering, where proceeds from the transaction go only to shareholder's, not the company's, coffers. Caixa Seguridade is a unit of state-controlled lender Caixa Econômica Federal.
IRB Brasil, a former state monopoly, said in a prospectus that shareholders BB Seguros Participações SA, Bradesco Auto RE and Itaú Seguros would tender unspecified stakes in another secondary offering. BB, Bradesco Auto and Itaú Seguros are all units belonging to Brazil's top-three commercial banks.
Neither Caixa Seguridade nor IRB unveiled terms of the transaction, including the size of their offerings or a timetable.
The filing of both IPOs were widely expected to take place before the end of the month, as both companies are seeking to price both deals around October, according to sources with direct knowledge of the transactions. In the case of Caixa Seguridade, proceeds from the IPO may help Brazil's government raise extra money needed to plug a widening budget deficit.
The sources said at the time that Caixa Econômica could raise some 10 billion reais from the sale of about 25 percent of the insurer's shares. Shareholders of Rio de Janeiro-based IRB are expecting to place about 3 billion reais worth of shares with investors in the first reinsurance IPO in Brazil.
Another expected state-led IPOs is that of BR Distribuidora SA, the fuel distribution unit of oil company Petróleo Brasilero SA - which is also expected by October, sources with knowledge of the plans told Reuters recently.
State-controlled Banco do Brasil SA's investment banking unit is the top undewriter for Caixa Seguridade's IPO, along with UBS AG. Banco Bradesco BBI, Itaú BBA SA, Grupo BTG Pactual SA, Santander Investment Securities, Goldman Sachs Group Inc, Banco Brasil Plural, Citigroup Inc and Bank of America Merrill Lynch are also working on the offering.
In the case of IRB Brasil, Banco Bradesco SA will manage the transaction. Banco do Brasil SA, Itaú Unibanco Holding SA and JPMorgan Chase & Co JPM.N will work alonside as global coordinators, the prospectus said.
$1 = 3.6095 Brazilian reais Reporting by Guillermo Parra-Bernal; Editing by Alan Crosby, Chris Reese and Bernard Orr