SAO PAULO (Reuters) - Brazilian medical education group Afya Ltd set the price per share at $19 in its initial public offering on Nasdaq, $1 above the top of the initial price range due to strong demand from investors, two sources with knowledge of the matter said on Thursday.
The company and its shareholders, including Brazilian private equity firm Crescera Investimentos SA, together raised around $300 million in the share offering. Demand for Afya’s shares surpassed 13 times the amount of shares offered.
The company has said it expects to trade under the stock symbol AFYA. Shares will debut on Nasdaq on Friday.
Afya did not immediately comment on the matter.
The company intends to use the proceeds to acquire schools, enter new markets and develop products, according to the offering prospectus. Besides traditional graduation programs, Afya offers continuing medical education through digital and physical channels.
Investment banking units of Bank of America (BAC.N), Goldman Sachs Group Inc (GS.N), UBS Group AG (UBSG.S), Itau Unibanco Holding SA (ITUB4.SA), Morgan Stanley (MS.N), Banco BTG Pactual SA (BPAC3.SA) and XP Investments managed the offering.
Reuters first reported in April that Afya was planning to list its shares in New York.
Reporting by Carolina Mandl; editing by Christian Plumband Leslie Adler