Tech-Education Unicorn Turns Brazil Family Into BillionairesYAHOO! #Bloomberg_Net

Tech-Education Unicorn Turns Brazil Family Into BillionairesYAHOO! #Bloomberg_Net

October 9, 2019 0 By NewsTakers

“I told her I had entered a very long competition and, if I won, I’d bring home a unicorn,” Cavalcante, chief executive officer of Brazil’s Arco Platform Ltd., told a group of entrepreneurs earlier this year.
He did the girl one better.
The timing of the deal was challenging, as the pricing was set for just a month before Brazil’s presidential elections, when uncertainty about the nation’s political future was roiling markets.
Since then, shares have rallied about 170%, the second-best performing debut on the Nasdaq in the past 12 months, beating better known names including Pinterest Inc. and Uber Technologies Inc.
The rally made billionaires of Ari and his father, Oto de Sa Cavalcante, who together hold a 54% stake in the company, according to Bloomberg calculations using the company’s prospectus.
Oto is the biggest shareholder, with 38% of the firm’s equity capital.
The private equity firm didn’t sell in the public offering.
The IPO competition may be over, but Cavalcante faces a new round of trials.
They include Sistema Positivo de Ensino, a company that has more students than Arco.
The kindergarten to high-school market in Brazil totals around 180,000 schools and 44 million students — with 40,000 private schools accounting for 8 million students.

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