SAO PAULO Oct 24 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."