Vitru’s IPO prices at low end of expected range to raise $96 million

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Vitru Ltd. said Friday that its initial public offering priced at $16 a share, at the low end of the expected range of between $16 and $18 a share. The Brazil-based digital education company raised $96 million as it sold 6 million shares in the IPO, which was lowered Thursday from 11.23 million shares. With 23.06 million shares outstanding after the IPO, the pricing values the company at $368.9 million. The stock is expected to start trading Friday on the Nasdaq exchange under the ticker symbol “VTRU.” The company is looking to go public at a time that the Renaissance IPO ETF has soared 58.5% year to date while the S&P 500 has gained 3.9%.
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