SAO PAULO Oct 4 Anima Educacao SA, a Brazilian
education company, and its shareholders plan to sell at least
348 million reais ($158 million) worth of its shares in an
initial public offering later this month, the company said on
Anima, which owns three universities located in the cities
of Belo Horizonte and Santos in southeastern Brazil, wants to
sell shares to investors to expand and strengthen its capital
position. Anima was founded in 2003.
The company and its shareholders will offer an initial
allotment of 21.1 million shares in a primary and secondary
offering, Anima said in a prospectus published in newspaper
Valor Economico. The company set the price range for the shares
at between 16.50 and 22 reais.
The company may also offer 4,128,181 in additional shares,
as well as 3,163,636 shares in an extra allotment sold by the
bank syndicate in case shares are oversubscribed.
Anima expects to start trading on Oct. 28 on Brazilian
Brazil's $11 billion-a-year education industry has grown at
a double-digit rate in recent years as a tight job market
demanded a skilled labor force with better technical knowledge,
stronger analytical abilities and proficiency in foreign
IPOs have become a feasible fundraising option for college
operators, language schools and learning systems providers as
merger-and-acquisition activity heated up over the past two
Ser Educacional SA is also expected to sell shares in an IPO
later this month.
Anima hired investment banks Itaú BBA and Bank of America
Merrill Lynch as advisers. 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