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SAO PAULO, April 8 (Reuters) – Brazilian digital bank Modalmais has set the price range for its initial public offering, expected to reach around 1.5 billion reais ($270 million).

The amount considers the pricing in the middle of the range, that was set between 24.30 and 32.82 reais for each unit. Modal plans to sell 51 million units, comprised of two preferred shares and one common share each.

Modalmais competes with online brokers focused on catering to Brazilian investors such as XP Inc.

Depending on demand, the total amount of units may rise to 68.85 million with overallotments. The company will be listed under the ticker MODL11.SA and pricing is expected for April 28.

The IPO will be managed by the investment banking units of Credit Suisse Group AG, Bank of America and Itau Unibanco Holding SA. ($1=5.5747 reais) (Reporting by Tatiana Bautzer Editing by Chris Reese)