SAO PAULO, June 22 (Reuters) - Brazilian homebuilder Direcional Engenharia has filed for a follow-on share offering aimed at raising money for it to grow and "optimize" its capital structure, it said on Thursday.

The primary offering will initially comprise 20 million new shares, but may be increased by up to 17.5% if demand allows it, Direcional said in a securities filing.

With a closing price of 18.38 reais per share on Wednesday, the offering would total 431.93 million reais ($90.67 million) if the overallotment is fully sold, the homebuilder said.

Direcional is the latest in a series of Brazilian companies to have filed for share offerings recently, joining the ranks of vehicle rental firms Localiza and Vamos, travel operator CVC and oncology chain Oncoclinicas .

The homebuilder's offering is being managed by Itau BBA, XP Investimentos, Bradesco BBI and Santander. It is expected to be priced on June 29. ($1 = 4.7638 reais) (Reporting by Gabriel Araujo; Editing by Toby Chopra and Conor Humphries)