Estacio Ready for Follow-on

Brazil’s Estacio is set to price an equity follow-on today, which should raise more than $350m. The education company was heard with oversubscribed books Tuesday afternoon. Estacio is offering 15.9m primary shares, as well as 3.1m secondary shares sold by Private Equity Partners. This would indicate a BRL798m ($391m) deal at Tuesday’s BRL42.00 closing price. Estacio is raising funds for acquisitions and organic expansion. Bank of America Merrill Lynch, Credit Suisse and Itau are managing the transaction. Estacio held its IPO in 2007 and last visited the equity markets for a BRL685m all-secondary share follow-on in 2010.