Anima Lines up Bovespa Debut

Anima Educacao has set a target of more than BRL500m ($227m) for its IPO, scheduled to price October 24. The Brazilian for-profit education company plans to sell 21.1m primary shares and 4.1m secondary shares at BRL16.50-BRL22.00 each, according to a filing, meaning a BRL543m size at the midpoint if a 15% greenshoe is included. Secondary shares are being sold by a private equity fund linked to BR Investimentos, which bought into the company last year and holds a 30.5% stake. Anima is raising funds to expand organically and through acquisitions. Bank of America Merrill Lynch, HSBC and Itau are managing the sale. Anima booked BRL215m Ebitda in 1H 2013, up from BRL158m in 1H 2012. Its 2012 full-year Ebitda reached BRL324m, up from BRL254m in 2011. It appears Anima and fellow education company Ser are the only Brazilians proceeding with IPOs in the current issuing window, with vehicle services providers Sasacr, Unidas and Ouro Verde filed but not launched. Iron parts manufacturer Tupy is next up to issue, with a follow-on targeting more than BRL600m.