Uberlandia-based Algar Telecom has filed for an initial public offering (IPO) with the B3 (formerly BM&FBOVESPA) stock exchange in Sao Paulo. According to Reuters, shareholders led by Algar Group, a family-controlled firm which also has interests in the agribusiness, services and tourism sectors, and real estate company Arvore will issue an undetermined amount of new shares in the IPO.

Citing a securities filing, the news agency notes that Algar has hired the investment-banking unit of Banco Bradesco to underwrite the IPO, alongside Grupo BTG, JPMorgan Chase & Co, Banco Santander Brasil, Banco do Brasil, UBS Group and Itau Unibanco Holding.