Vitru, which is leading provider of distance learning in Brazil's postsecondary digital education market, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
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.
The Santa Catarina, Brazil-based company was founded in 1999 and booked $86 million in revenue for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol VTRU. Vitru filed confidentially on March 30, 2020. 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. No pricing terms were disclosed.
