Abril Follow-on Prices at Narrow Discount

Abril Follow-on Prices at Narrow Discount

Brazil Equity

Abril Educacao has priced a BRL585m ($290m) follow-on, giving up only a 1.9% discount. The educational arm of the Grupo Abril media conglomerate is selling 3.1m primary units and 9.9m secondary units at BRL45.00 each, according to the CVM. The total includes a 15% greenshoe. Pricing came close to Wednesday’s BRL45.88 closing price. The transaction was oversubscribed, according to people following it. The for-profit education sector is one of the consumer growth plays on which investors remain op

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