BTG Pactual, the largest independent investment bank in Latin America, said it is planning to raise up to $2.24 billion in an initial public offering that could signal the revival of Brazil's IPO market.

BTG's shares will be priced at 28.75 to 33.75 reais ($15.71 to $18.44) per share. The offering values the Sao Paulo bank's equity up to $15 billion.

Billionaire Andrew Esteves, who formed in the company in 2009, has a controlling 30 percent stake. Other owners include sovereign wealth funds from Abu Dhabi, China and Singapore, along with private equity firm J.C. Flowers & Co. LLC.

Analysts expect the offering to be well-received, as BTG has expanded aggressively amid the robust Brazilian economy.

Their business, despite being volatile, is fast-growing and very profitable, Federico Rey-Marino, an analyst with Raymond James & Associates, told Reuters.

BTG, JPMorgan Chase, Goldman Sachs and Banco Bradesco are managing the offering. BTG stands for Banking and Trading Group, though Esteves sometimes quips it could also mean Better Than Goldman -- BTG is valued at around a quarter of Goldman Sachs, by some estimates.

The bank's IPO is the second offering announced this year in Brazil, which has been dormant since the financial crisis. The rental car company Locamerica said Monday it will raise $246 million to $314 million.

The offering is scheduled to price by April 24, and stocks will begin trading on the Sao Paulo exchange on April 26, with the ticker BBTG11.