SAO PAULO, Nov 21 (Reuters) - Shares in Brazilian education company Cogna rose up to 5.9% and were rising more than 2% in early afternoon trading on reports of an initial public offering of its K-12 division, known as Vasta Educação in the U.S.
Brazilian financial blog Brazil Journal reported on Thursday that Cogna seeks a valuation of roughly 8 billion reais ($1.90 billion) for VASTA, sending shares up more than 2%.
Investment banking units of Goldman Sachs & Co, Morgan Stanley, Bank of America and Itau Unibanco Holding SA have been hired to manage the offering, according to the report.
Cogna wants to list its K-12 division following the steps of other Brazilian education companies such as Arco Platform and Afya, that listed their shares in the U.S.
Cogna did not immediately comment on the matter.
$1 = 4.2125 reais Reporting by Carolina Mandl