July 31, 2020 / 4:34 PM / 14 days ago

UPDATE 1-Brazil education firm Vasta shares fall more than 10% after debut

(Adds shares reverse course)

July 31 (Reuters) - Shares of Vasta Platform, a unit of Brazilian for-profit education company Cogna Educacao SA , reversed early gains to fall more than 10% after its Nasdaq debut on Friday.

Vasta’s shares opened at $22.10, but hit a low of $17.00 in early trade.

The company sold more than 18 million shares at $19.00 per share and raised $352.9 million, which it plans to use to mainly repay part of the debt owed to Cogna and fund expansion.

Vasta, which sells digital solutions for K-12 private schools, had initially aimed to sell the shares at between $15.50 and $17.50 per share.

Vasta will join two other Brazilian education companies, Arco Platform Ltd and Afya Ltd on the Nasdaq.

Brazilian distance learning company Uniasselvi, which has private equity firms Carlyle Group Inc, Neuberger Berman LLC and Vinci Partners as shareholders, is also working on an IPO on the Nasdaq. (Reporting by Noor Zainab Hussain in Bengaluru and Carolina Mandl in Sao Paulo; Editing by Amy Caren Daniel)

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