July 23, 2020 / 11:20 AM / 13 days ago

Brazil education firm Cogna sets price range for U.S. IPO of subsidiary Vasta

SAO PAULO (Reuters) - Brazil’s for-profit education company Cogna Educacao SA (COGN3.SA) said on Thursday it had set an estimated price range of $15.50-$17.50 for the U.S. initial public offering (IPO) of its subsidiary Vasta Platform Limited.

Vasta, which sells digital solutions for private schools, aims to issue 18,575,492 new shares in the IPO, according to a securities filing.

As part of listing requirements, Cogna said its subsidiary is expected to report a net revenue between 507.2 million and 515.6 million reais in the first half of 2020.

Vasta’s earnings before interest, taxes, depreciation and amortization (EBITDA) are seen at between 103.2 million and 111.5 million reais in the period, the company said.

Reporting by Gabriela Mello; Editing by Edmund Blair

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