- Vitru set the price range between $22 and $24 per share;
- The Brazilian firm will offer 6 million shares; while private equity firms will sell 5,230,126 shares.
Brazilian distance learning company Vitru plans an IPO on Nasdaq that could raise up to $310 million.
The company, formerly known as Uniasselvi, set the price range between $22 and $24 per share. Both Vitru and its shareholders – private equity firms Carlyle, Neuberger Berman and Vinci Partners – will sell shares in the offering.
The company will offer 6 million shares, while private equity firms will sell 5,230,126 shares. Including the issue of lots, the offer may reach 12,914,644 shares.
With 279,000 students, Vitru presented net revenue of BRL 256.7 million and net profit of BRL 52.4 million in the first half of the year.
Vitru said it plans to use the IPO’s resources to expand its business, acquisitions included. It would join three other Brazilian education groups listed in Nasdaq: Arco, Afya and Vasta.