UPDATE 1-Brazil university operator Anima raises $213 mln in IPO
SAO PAULO Oct 24 (Reuters) - Brazilian education company GAEC Educação SA and a shareholder sold 468.2 million reais (US$212.9 million) of stock in an initial public offering, securities regulator CVM said on Thursday.
Shares of GAEC, which operates universities under the Anima Educação brand, were sold at 18.50 reais apiece, within the previously suggested range of 16.50 reais and 22 reais a share.
The company raised 390.2 million reais of fresh capital, while shareholder BR Educacional Fundo de Investimento em Participações, a private equity fund vehicle led by financier and education sector tycoon Paulo Guedes, sold a 72 million reais stake in the transaction.
Brazil's $11 billion-a-year education industry has grown at a double-digit rate in recent years as a tight job market demands a skilled labor force with better technical knowledge, stronger analytical abilities and foreign language proficiency.
Itaú BBA, Bank of America Merrill Lynch and HSBC Holdings Plc were hired to manage the Anima IPO. Itaú BBA is a unit of Itaú Unibanco Holding SA, Brazil's largest bank by market value. Bank of America Merrill Lynch is a unit of Bank of America Corp.
Shares of Anima are expected to begin trading Oct. 28 on the São Paulo Stock Exchange under the symbol "ANIM3."
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