Cetip, Brazil’s clearing house for over-the-counter financial instruments, has revived its plan to sell up to 50% of its capital in an initial public offering.

The sale might raise R$3bn-R$4bn ($1.6bn-$2.1bn), the newspaper O Estado de S Paulo reported, adding that the IPO might be Brazil’s second biggest in 2009.

Cetip declined to comment.

The firm first planned to float in 2007 after the IPOs of BM&F and Bovespa, Brazil’s two main stock and derivatives markets, but postponed its plans due to the financial crisis.

At least part of the IPO is expected to be a secondary offering, in which existing shareholders would sell shares. It is not clear if Cetip is contemplating issuing any new capital.

The firm demutualised in June 2008, and became a profit-making company, owned by a group of banks, funds and brokerages.

In May this year, private equity firm Advent International bought a 30% stake in Cetip for around R$360m ($171m in May). If Advent participated in the sale, it could make a substantial profit on its investment, O Estado reported.

Cetip is Brazil’s central securities depository and the derivatives registrar for operations carried out in OTC markets. All OTC derivative transactions in Brazil have to be registered at a depository.