Vasta Platform Limited, a digital K-12 education provider in Brazil, has filed Amendment No1 to Form F-1 Registration Statement on July 23, 2020 with the U.S. Securities and Exchange Commission to announce terms for its IPO. The company plans to raise $306 million by offering 18.6 million shares at a price range of $15.50 to $17.50. Assuming a successful IPO at the midpoint of the proposed range, the company expects a market capitalization of $1.4 billion.
The company has developed a "Platform as a Service" with two main modules: its Content & EdTech Platform, an array of core and complementary education solutions with digital and printed content through long-term contracts with partner schools, and its Digital Platform, which unifies its partner schools' administrative ecosystems.
The São Paulo, Brazil-based company was founded in 1966 and booked $193 million in revenue for the 12 months ended March 31, 2020. As of March 31, 2020, its network of B2B customers consisted of 4,167 partner schools, up from 3,400 as of December 31, 2019.
The company plans to list on the Nasdaq Global Market under the symbol “VSTA.” Goldman Sachs, BofA Securities, Morgan Stanley, Itau BBA, UBS Investment Bank, and Bradesco BBI are underwriters of the IPO. The company engages Davis Polk & Wardwell LLP as US Securities Counsel, and KPMG as Independent Auditor.
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