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Brazil's Vitru cuts price range, number of shares in IPO

Brazilian distance learning company Vitru Ltd has lowered its price range to $16 to $18 per share from $22 to $24 in an initial public offering on the Nasdaq, according to a securities filing on Thursday, in a sign of weak demand from investors.

SAO PAULO, Sept 17 (Reuters) - Brazilian distance learning company Vitru Ltd VTRU.O has lowered its price range to $16 to $18 per share from $22 to $24 in an initial public offering on the Nasdaq, according to a securities filing on Thursday, in a sign of weak demand from investors.

The company, backed by private equity firms Carlyle Group Inc CG.O, Neuberger Berman LLC and Vinci Partners, has also reduced the number of shares to be sold in the offering to 6 million from 11.2 million.

Previously, both the company and its shareholders were selling shares, but the filing, an amended IPO prospectus, says only Vitru will offer new shares.

Vitru was initially expected to price its shares on Wednesday.

The education company plans to use the proceeds of the offering to expand its business, including via acquisitions.

(Reporting by Carolina Mandl; Editing by Steve Orlofsky)

((carolina.mandl@thomsonreuters.com; +55 11 5644 7703; +55 11 97116-3806;))

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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