Brazilian Educator Files IPO

Brazilian for-profit educational operator Ser Educacional has filed documents for an IPO likely to be attempted during the September-October window. The exact size and timing remain to be set for the transaction, which is to include primary shares and secondary shares sold by holders including founder and controller Janguie Diniz, according to regulatory documents. The educator focused on Brazil’s rapidly growing North and Northeast is raising funds for acquisitions and organic growth. Ser Educacional claims to be the biggest educator in these two regions, and booked BRL85m ($36m) in Ebitda in 1H 2013, up from 49m in 1H 2012, and BRL90m in all of 2012, up from BRL56m in 2011. BTG Pactual, Credit Suisse, Goldman Sachs and Santander are managing. Fellow educator Anima Educacao is also expected to file soon. They would join a pipeline featuring IPOs from vehicle services companies Ouro Verde, Unidas and Sascar, and a follow-on from auto parts manufacturer Tupy.