Patria-backed real estate company Alphaville Urbanismo filed for an IPO. The details of the transaction are undisclosed.

(Reuters) Brazilian real estate company Alphaville Urbanismo SA filed for an initial public offering on Tuesday, according to a securities filing.

Alpahville’s announcement comes amid a wave of IPOs by Brazilian homebuilders, with the country’s interest rates at record low levels. Eight Brazilian homebuilders have already disclosed plans to list their shares.

The company said it plans to raise an undisclosed amount of money to pay off debt and acquire land to launch new gated communities.

Alphaville posted revenues of 164.2 million reais ($36.48 million) in 2019 and a net loss of 778.4 million reais.

The company, which is backed by Brazilian private equity firm Patria Investimentos Ltda, has hired investment banking units of Banco Bradesco SA, Banco BTG Pactual SA, Itau Unibanco Holding SA and XP Inc to manage the offering. ($1 = 4.5014 reais) (Reporting by Carolina Mandl Editing by Chizu Nomiyama and Jonathan Oatis).