IPOs

Brazilian digital education provider Vitru lowers range, removes insider selling ahead of $102 million US IPO

Vitru, which provides online and tutored post-secondary education services in Brazil, lowered the proposed range and removed insider selling for its upcoming IPO on Thursday.

The Santa Catarina, Brazil-based company now plans to raise $102 million by offering 6 million shares (100% primary) at a price range of $16 to $18. The company had previously filed to offer 11.2 million shares (53% primary) at a range of $22 to $24. At the midpoint of the revised range, Vitru will raise -61% less in proceeds than previously anticipated.

Vitru was founded in 1999 and booked $92 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 lowers range, removes insider selling ahead of $102 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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