SAO PAULO: Brazilian private university operator Cruzeiro do Sul Educacional SA concluded a 1.23 billion reais ($228.71 million) initial public offering, according to a securities filing on Tuesday.
Cruzeiro do Sul priced the offer at 14 reais per share, below the indicative range of 16.4 reais to 19.6 reais per share.
The company raised 1.07 billion reais in the offering, which it intends to use for acquisitions in the sector. Cruzeiro do Sul shareholders additionally sold 160.1 million reais in shares.
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