SAO PAULO (Reuters) - Brazilian power company Neoenergia SA has picked the investment banking units of JPMorgan Chase & Co, Bank of America Corp and Banco do Brasil SA to manage its initial public offering, three people familiar with the matter said on Wednesday.
Other banks may still join the group managing the IPO, added one of the sources, who asked for anonymity to discuss the plans openly.
Neoenergia, JPMorgan, Bank of America and Banco do Brasil declined to comment.
Spanish power producer Iberdrola is the controlling shareholder in Neoenergia with a 52.45 percent stake, while Brazilian pension fund Previ owns 38.21 percent and state-controlled lender Banco do Brasil owns 9.34 percent.
One of the sources said the shareholders will seek to float 15 percent of the company, including Banco do Brasil’s full stake, which the bank considers a non-core asset.
The IPO is likely to be launched by the end of the first half of 2019, said the source.
Earlier this month, Reuters reported that shareholders of Neoenergia would seek advisers to relaunch an IPO. In 2017, the company tried to list Neoenergia on Sao Paulo-based stock exchange B3, but it failed as pricing fell short of the expectations of the Brazilian shareholders.
Reporting by Carolina Mandl; Editing by Rosalba O'Brien and Leslie Adler