Shares in Brazil's Vitru plunge on Nasdaq debut

Vitru

18/09/2020 16:32

** Shares in Brazilian distance learning company Vitru Ltd
 VTRU.O  were trading down more than 4% at $15.32 on their debut
on Nasdaq
    ** The company priced its shares at $16 on Thursday in an
IPO, below its original range price of between $22 and $24
    ** Given the weak demand for its shares, Vitru also decided
to reduce the amount of shares sold to 6 million from 11.2
million
    ** Private equity firms Carlyle Group Inc  CG.O , Neuberger
Berman LLC and Vinci Partners gave up their initial plans of
partially selling their stake in Vitru in the IPO
    ** The company will use the proceeds of the offering -
roughly $96 million - to expand its business, including
acquisitions

 (Reporting by Carolina Mandl)
 ((Reuters Messaging:
carolina.mandl.thomsonreuters.com@reuters.net))