Ser Passes Regulator Exam

Ser Educacao has adjusted its IPO documents to the satisfaction of the CVM, and plans to finalize pricing Friday, it says. The Brazilian for-profit educator is expected to keep the BRL17.50 per share price – suggesting a BRL620m ($286m) total transaction size – that it set last week before regulators suspended it on a technicality. The issuer has also given investors until today to cancel orders. Ser is offering 35.4m shares, assuming a 15% greenshoe, and the BRL17.50 price came below the BRL19.50-BRL23.50 range. Half of the base deal was to be secondary shares sold by owners including founder and controller Janguie Diniz. The issuer focused on Brazil’s rapidly growing North and Northeast is raising funds for acquisitions and organic growth. BTG Pactual, Credit Suisse, Goldman Sachs and Santander are managing the deal. The process was held up after regulators determined Ser had given incomplete information regarding new tax benefit rules adopted this year for education companies involved in the government’s ProUni program. Peer Anima Educacao made similar additions to its prospectus this week, and has allowed investors a similar period to cancel, ahead of its BRL500m IPO that remains scheduled for Thursday.