Brazilian digital education provider Vitru sets terms for $258 million US IPO

Vitru, a leading provider of distance learning in Brazil’s postsecondary digital education market, announced terms for its IPO on Tuesday.

The Santa Catarina, Brazil-based company plans to raise $258 million by offering 11.2 million shares (47% insider) at a price range of $22 to $24. At the midpoint of the proposed range, Vitru would command a fully diluted market value of $530 million.

Vitru provides a hybrid digital education experience for undergraduates and continuing education, with courses covering over 200 subjects through its multi-format Virtual Learning Environment (videos, eBook, podcasts, and html text, among others). The company also operates digital education hubs, which offer in-person tutoring, supported by virtual mentoring.

Vitru was founded in 1999 and booked $91 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol VTRU. Goldman Sachs, BofA Securities, Itau BBA, Morgan Stanley, Bradesco BBI, BTG Pactual, Credit Suisse, Santander Investment and XP Investimentos are the joint bookrunners on the deal. It is expected to price during the week of September 14, 2020.

The article Brazilian digital education provider Vitru sets terms for $258 million US IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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