Brazilian investment bank BTG Pactual raised 3.65 billion reais ($1.96 billion) in the country's largest initial public offering in more than 2 1/2 years amid strong demand, a local regulator said Tuesday.

The bank sold 117 million shares at 31.25 reais for between a suggested 28.75 reais and 33.75 reais, Brazilian securities regulator CVM said. BTG, which stands for Banking and Trading Group, is valued at about $14.4 billion, making it the 16th largest Brazilian company by market capitalization, Reuters reported.

BTG's offering was the largest since Banco Santander SA's $7.5 billion offering in October 2009 and could signal a revival for Brazil's IPO market, which has floundered in the wake of the global recession. Brazilian car rental company Locamerica also raised $165 million last week in an IPO, the first in the country since prep exam company Abril Educacao went public in July.

[[nid:114100]]

Strong demand for BTG Pactual came despite last week's report that BTG founder and CEO André Esteves was fined €350,000 for insider trading by Italian regulator Consob.

The bank will trade under the symbol BBTG11 on the Sao Paulo stock exchange starting Thursday.

Continue Reading Below