Business
Brazil's Vitru files for follow-on share offering of up to $59 mln
Brazil's Vitru files for follow-on share offering of up to $59 mln
About this update from Vitru Brasil Empreendimentos, Participacoes E Comercio S.a.
Brazilian educational company Vitru BMFBOVESPA:VTRU3 has filed a request to register a primary follow‑on public offering of its common shares to institutional investors in Brazil and abroad, it said in a securities filing on Wednesday.Vitru added in a statement that the base size of the offering is 200 million reais ($39.38 million), and it could raise up to 300 million reais. Pricing is scheduled for April 15, with trading of the new shares expected to begin on April 20.The follow‑on marks the company's first market transaction since migrating its listing to Brazil's B3 stock exchange from Nasdaq.The offering includes qualified institutional buyers in the United States, with existing shareholders granted priority rights, Vitru said.Newspaper Valor Economico reported the news earlier in the day.($1 = 5.0787 reais)