October 22, 2018 / 8:56 PM / a month ago

UPDATE 1-Brazil's Tivit, Banco BMG file for IPOs

(Adds companies filing for IPO)

SAO PAULO, Oct 22 (Reuters) - Brazil information technology company Tivit Terceirizacao de Processos, Servicos e Tecnologia SA and Banco BMG bank on Monday filed for authorization for initial public offerings with Brazilian exchange regulator CVM, according to documents seen by Reuters.

Reuters had previously reported Tivit and Banco BMG had hired bankers to prepare for potential IPOs, according to sources with knowledge of the matter. Both companies had filed earlier on Monday for authorization to become public companies.

Tivit’s shareholders are expected to sell stakes in the company, according to the offering documents, but the IT company will not issue new shares or raise money.

Banco BMG’s initial public offering will have a primary portion, in which the bank will issue new shares and raise money, and a secondary portion, in which current shareholders will sell part of their stakes, according to the documents. (Reporting by Aluisio Alves and Tatiana Bautzer; editing by Diane Craft)

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