Afya, a Brazilian for-profit medical and healthcare education group, announced terms for its IPO on Tuesday.

The Nova Lima, Brazil-based company plans to raise $234 million by offering 13.7 million shares (14% insider) at a price range of $16 to $18. At the midpoint of the proposed range, Afya would command a market value of $1.5 billion. 

Afya was founded in 1999 and booked $109 million in revenue for the 12 months ended March 31, 2019. It plans to list on the Nasdaq under the symbol AFYA. BofA Merrill Lynch, Goldman Sachs, UBS Investment Bank, Itau BBA, Morgan Stanley, BTG Pactual and XP Investimentos are the joint bookrunners on the deal. It is expected to price during the week of July 15, 2019.

The article Brazilian medical education group Afya sets terms for $234 million US IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

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