(Removes reference to Brazilian capital in fourth graf)
By Joan Magee
NEW YORK, Oct 8 (IFR) - Brazilian infrastructure group Investimentos e Participacoes em Infraestrutura (Invepar) is planning a BRL2bn (USD908m) initial public offering that may launch at the end of January and price in early February, a banker on the trade said on Tuesday.
The IPO has been in the works for around two years, but the company is now pushing ahead as the World Cup and Olympics draw closer, with marketing for the deal likely to start as soon as December.
Rio de Janeiro-based Invepar is controlled by Petros, the Petrobras employee pension fund workers, along with Previ, the employee pension fund of state-owned Banco do Brasil and Funcef, the state-owned bank Caixa Economica Federal.
It won the concession to run the Sao Paulo international airport, which is expected to see traffic increase substantially during the 2014 World Cup and the 2016 summer Olympics.
The outfit also owns the right to operate the Rio de Janeiro subway system and various lucrative toll roads.
"This deal, once all the paperwork and groundwork is laid out, should not be a difficult one to price, depending on how friendly market conditions are when it decides to come to market," said a senior ECM banker in Sao Paulo.
Bank of America Merrill Lynch, Banco do Brasil, BTG Pactual, Bradesco, Citi, HSBC and Itau have been mandated to prepare the listing, which would be a relatively large IPO in Brazil's weak equity market that has tumbled more than 14% this year.
Brazil has seen 19 equity issues price this year, for a total of USD9.9bn, or 41.8%. Out of those, there were just five IPOs.
The biggest IPO globally this year was for insurance company BB Seguridade, which priced a BRL11.48bn (USD5.75bn) deal in April, selling 675m shares at BRL17 each.
The sole blowout of the year out of Brazil was software company Linx, which priced a R$527.9m (US$265m) at R$27 IPO in February, at the top of the indicative R$23-$27 range.
The company was considered by investors to be a purely Brazilian deal as it has not yet diversified to other markets. It was 20 times oversubscribed, banking sources said. (Reporting by Joan Magee; Editing by Natalie Harrison)