By Tatiana Bautzer
SAOPAULO (Reuters) -Brazilian financial social media platform TradersClub is seeking a 3 billion real ($565.65 million) valuation in its initial public offering, two sources with knowledge of the matter said.
The company filed late on Wednesday for an IPO to raise around 700 million reais to fund expansion and potential acquisitions, the people added, asking for anonymity to disclose private discussions.
The company offers services such as news, research and investment chats to 450,000 investors though its app.
Brazil’s lowest interest rates on record have prompted many investors who once stuck to fixed income to experiment with stocks and other riskier alternatives. The number of individual stockholders in the country doubled last year, to 3.2 million people, according to financial industry group Anbima.
TradersClub, also known as TC, is aiming to price the offering in the first half of July and has hired Banco BTG Pactual SA and Banco Modal SA to manage the issue, the sources added.
TradersClub, BTG Pactual and Banco Modal declined to comment.
($1 = 5.3036 reais)
(Reporting by Tatiana Bautzer, Editing by Rosalba O’Brien and Carmel Crimmins)