February 27, 2018 / 7:04 PM / 10 months ago

UPDATE 1-Brazil healthcare firm Hapvida files for IPO, seeks $926 mln -document

(Adds amount of the IPO, company description and banks managing the offering)

By Carolina Mandl and Aluisio Alves

SAO PAULO, Feb 27 (Reuters) - Brazilian healthcare insurer Hapvida Participações e Investimentos SA filed for an initial public offering on the Sao Paulo stock exchange on Monday, according to a securities filing.

The offering will have a primary portion, in which the company will issue new shares, and a secondary portion, in which the controlling shareholder, the Koren de Lima family, will sell part of its stake.

The amount of the offering has not been disclosed.

But according to a person with knowledge of the matter, the controlling shareholder and the company seek a total offering of 3 billion reais ($925.84 million).

Hapvida is the second Brazilian health insurer to file for an IPO this week. Hapvida will likely compete for the same investors as Brazilian rival Notre Dame Intermédica Participações SA, which filed for an IPO on Monday.

In December Hapvida had nearly 4 million people insured, according to the filing.

The company intends to use the proceeds of the offering to acquire clients and hospitals, and to expand its business into Brazil’s north and northeast.

Hapvida posted revenues of 3.85 billion reais and net income of 650.6 million reais in 2017.

BTG Pactual is managing the IPO, alongside the investment-banking units of Bank of America Corp and Goldman Sachs & Co. ($1 = 3.2403 Brazilian reais) (Reporting by Carolina Mandl and Aluisio Alves Editing by Chris Reese)

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