Afya Limited’s $282 Million IPO

July 22, 2019

Cleary Gottlieb represented BofA Securities, Inc., Goldman, Sachs & Co., UBS Securities LLC, and Itau BBA USA Securities, Inc. as representatives of the underwriters in the initial public offering of common shares of Afya Limited.

The deal priced on July 18 and is expected to close on July 23, 2019. The offering price was $19.00 per share. The common stock is listed on the Nasdaq under the ticker symbol “AFYA.” Total proceeds from the offering were $245 million after deducting underwriting discounts and commissions. The company is an “emerging growth company” as defined in the Jumpstart Our Business Startups (JOBS) Act of 2012.

Afya Limited is the leading medical education group in Brazil based on number of medical school seats. They have the largest medical education footprint in Brazil, owning a network of undergraduate and graduate medical campuses across 12 Brazilian states. They offer degree programs and courses in health science, including medicine, dentistry, nursing, radiology, psychology, pharmacy, physical education, physiotherapy, nutrition, and biomedicine, as well as other disciplines. They also offer medical preparatory courses and other continuing medical education offerings through their online platform.