Brazil Higher-Ed Company Raises $215M from IPO


Brazil Higher-Ed Company Raises $215M from IPO

Oct 28, 2013

ANIMA: Brazilian educational company Anima Educação, which operates 17 higher-ed institutions in Minas Gerais, Sao Paulo and Rio de Janeiro states, has raised R$468 million (approximately US$215 million) in its IPO. The Wall Street Journal says this amount is "less cash than expected amid sluggish demand" as the company sold 25.3 million common shares--less than the anticipated 28.47 million--at R$18.50 a pop. While Brazil's education industry has shown strong growth (as EdSurge contributor Patrícia Gomes described here), the piece suggests a potential 10% tax increase for education companies dampened investor enthusiasm for Anima's IPO--and perhaps others to come.

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