Vasta Platform, a Brazilian provider of K-12 school curriculum solutions being spun out of Cogna, announced terms for its IPO on Thursday.
The São Paulo, Brazil-based company plans to raise $306 million by offering 18.6 million shares at a price range of $15.50 to $17.50. At the midpoint of the proposed range, Vasta Platform would command a fully diluted market value of $1.4 billion.
The company has developed a "Platform as a Service" with two main modules: its Content & EdTech Platform, an array of core and complementary education solutions with digital and printed content through long-term contracts with partner schools, and its Digital Platform, which unifies its partner schools' administrative ecosystems. As of March 31, 2020, its network of B2B customers consisted of 4,167 partner schools, up from 3,400 as of December 31, 2019.
Vasta Platform was founded in 1966 and booked $202 million in revenue for the 12 months ended March 31, 2020. It plans to list on the Nasdaq under the symbol VSTA. Goldman Sachs, BofA Securities, Morgan Stanley, Itau BBA, UBS Investment Bank and Bradesco BBI are the joint bookrunners on the deal. It is expected to price during the week of July 27, 2020.
