IPOs

Brazilian digital education provider Vitru prices US IPO at $16, the low end of the downwardly revised range

Vitru, which provides online and tutored post-secondary education services in Brazil, raised $96 million by offering 6 million shares (100% primary) at $16, the low end of the downwardly revised range of $16 to $18. The company originally planned to offer 11.2 million shares (53% primary) at $22 to $24 before removing insider selling on the deal and lowering the range on Thursday morning. At pricing, the company raised 6% less in proceeds than anticipated.

Vitru 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 acted as lead managers on the deal.

The article Brazilian digital education provider Vitru prices US IPO at $16, the low end of the downwardly revised range 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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