Brazilian distance learning company Vitru Ltd plans an initial public offering on Nasdaq which may raise up to $310 million, according to a securities filing on Tuesday.
The company, which was previously known as Uniasselvi, set the price range between $22 and $24 per share.
Both Vitru and its shareholders - private equity firms Carlyle Group Inc (CG.O), Neuberger Berman LLC and Vinci Partners - will sell shares in the offering.
The company will offer 6 million shares, while the private equity firms will sell 5,230,126 shares. Including the issuance of overallotments, the offering may reach 12,914,644 shares.
With 279,000 students, Vitru posted net revenue of 256.7 million reais ($47.92 million) and a net income of 52.4 million reais in the first half of the year.
Vitru said it plans to use the proceeds of the IPO to expand its business, including via acquisitions.
It would join other three Brazilian education groups with U.S. listings, Arco Platform Ltd (ARCE.O), Afya Ltd (AFYA.O) and Vasta Platform VSTA.O.