November 21, 2019 / 6:12 PM / 17 days ago

Brazilian education co Cogna up 2.2% after reports of IPO of its K-12 division

SAO PAULO, Nov 21 (Reuters) - Shares in Brazilian education company Cogna rose up to 5.9% and were rising more than 2% in early afternoon trading on reports of an initial public offering of its K-12 division, known as Vasta Educação in the U.S.

Brazilian financial blog Brazil Journal reported on Thursday that Cogna seeks a valuation of roughly 8 billion reais ($1.90 billion) for VASTA, sending shares up more than 2%.

Investment banking units of Goldman Sachs & Co, Morgan Stanley, Bank of America and Itau Unibanco Holding SA have been hired to manage the offering, according to the report.

Cogna wants to list its K-12 division following the steps of other Brazilian education companies such as Arco Platform and Afya, that listed their shares in the U.S.

Cogna did not immediately comment on the matter.

$1 = 4.2125 reais Reporting by Carolina Mandl

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