June 30, 2020 / 4:30 PM / 10 days ago

Brazil education firm Uniasselvi revives U.S. IPO plans - sources

SAO PAULO, June 30 (Reuters) - Brazilian distance learning company Uniasselvi has confidentially filed with the Securities and Exchange Commission (SEC) for an IPO, reviving its previous plans for a listing on Nasdaq, two people with knowledge of the matter said.

In February, the company had hired investment banks Goldman Sachs & Co, Morgan Stanley and Bank of America to manage the offering, but suspended those plans amid market turmoil caused by the coronavirus pandemic.

Still, given forecasts of increase demand for online education as the COVID-19 pandemic rages, the company decided to revive its IPO plans and list its shares by September or October.

Both the company and its shareholders - private equity firms Carlyle Group Inc, Neuberger Berman LLC and Vinci Partners - will sell shares in the offering, the sources added, in a deal expected to reach $250 million.

With roughly 200,000 students, Uniasselvi plans to use the proceeds of the primary share offering to expand its business organically to address what it believes will be increasing demand.

It would join other two Brazilian education groups with U.S. listings, Arco Platform Ltd and Afya Ltd.

Uniasselvi had no immediate comment. (Reporting by Carolina Mandl)

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