SAO PAULO: Brazilian financial social media platform TradersClub will file for an initial public offering to raise around 700 million reais ($132 million), and plans to use the proceeds to expand, two people with knowledge of the matter said.

The company, which offers services such as news, research and investment chats to 450,000 investors though its app, may file as soon as Wednesday evening, the people added, asking for anonymity to disclose confidential discussions.

The company is seeking a valuation of roughly 3 billion reais in the floatation, one of the sources added.

Brazil's lowest interest rates on record have prompted many investors who once stuck to fixed income to experiment with stocks and other riskier alternatives.

The number of individual stockholders in the country doubled last year to 3.2 million people, according to financial industry group Anbima.

TradersClub, also known as TC, is aiming to price the offering in the first half of July and has hired Banco BTG Pactual SA to manage the issue, the sources added.

The offering is expected to be only primary, meaning TC will issue new shares, dilute current shareholders and use the proceeds for organic expansion and to finance potential acquisitions, according to the sources.

BTG Pactual and TradersClub did not immediately comment on the matter.