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.
