SAO PAULO, Aug 25 (Reuters) - Brazilian state-controlled bank Caixa Econômica Federal’s insurance unit filed on Tuesday for an initial public offering, the first in a wave of offerings anticipated by state firms this year.
Caixa will pursue a secondary offering of the Caixa Seguridade Participações SA unit, according to a prospectus filed with securities industry regulator CVM on Tuesday. In a secondary offering, proceeds from an IPO go only to the shareholder‘s, not the company‘s, coffers.
State-controlled Banco do Brasil SA’s investment banking unit is the deal’s top undewriter, 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. (Reporting by Guillermo Parra-Bernal; Editing by Alan Crosby)