Brazil’s largest cement producer Votorantim Cimentos is preparing an initial public equity offering (IPO) of at least US$3bn, according to a report by Bloomberg citing three sources familiar with the matter.

Votorantim Cimentos hired Banco Itau BBA SA and JPMorgan Chase & Co. (JPM) to manage the deal and will include additional banks, said the source. The IPO will take place sometime next year, they said.

“Such a move is not Votorantim’s actual plan,” the company said in an emailed statement.