Educator Opens Books on IPO

Ser Educacional has launched an IPO targeting more than BRL700m ($315m), with pricing scheduled for October 18. The Brazilian is offering 15.4m primary and 15.4m secondary shares at BRL19.50-BRL23.50 each, according to regulatory documents, meaning a BRL761m deal at the midpoint if a 15% greenshoe is included. The educator focused on Brazil’s rapidly growing North and Northeast is raising funds for acquisitions and organic growth. The sellers in the secondary portion include founder and controller Janguie Diniz. Ser Educacional claims to be the biggest educator in the two regions, and booked BRL85m 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. Peer Anima Educacao has filed for an IPO and awaits a launch as soon as this week. Brazilian iron parts manufacturer Tupy is scheduled to price a follow-on October 16. Mexicans Grupo Hotelero Santa Fe and Fibra Danhos are next up in the region, scheduled to price IPOs October 8.