Brazilian real estate developer PDG Realty plans a primary offering of 56 million new shares to raise an estimated 775.6 million reais ($430 million), the company said in a regulatory filing on Wednesday.

The company's controlling shareholder, UBS Pactual Desenvolvimento e Gestao I, might offer as many as 19.6 million shares in a secondary offering if there is enough demand for additional stock, PDG Realty said in the prospectus of the sale.

The real estate developer estimated the proceeds of the offering using its closing share price on Aug. 30 of 13.85 reais.

PDG Realty hired UBS Pactual as lead underwriter of the offering. Itau BBA, the investment banking arm of Brazil's largest private-sector bank, Goldman Sachs and Merrill Lynch will co-manage the sale.

Since June, shopping mall operator BR Malls and builder of low-cost homes MRV Engenharia have sold about 1.6 billion reais of stock, and several other companies have lined up to sell shares in the coming weeks.

Direcional Engenharia and Brazilian Finance & Real Estate have filed for initial public offerings, while companies including Rossi Residencial and shopping mall operator Multiplan also announced plans for stock sales.

Brazilian real estate companies were among the most active in stock offerings in the boom years 2006-2007, but later became among the worst performers in the local stock market because of a glut in share sales. ($1=1.807 reais) (Reporting by Elzio Barreto; Editing by Guillermo Parra-Bernal; editing by John Wallace)