Company profile

Proposed ticker
AFYA
Exchange
CEO
Virgilio Deloy Capobianco Gibbon
Employees
2,705
Incorporated in
Location
Fiscal year end
SEC CIK

AFYA IPO information

19 July 2019
Expected IPO date
$16.00
$18.00
13.74M
$233.65M
$5.25M
2.06M
1.92M
29.75M
Use of proceeds: We estimate that the net proceeds from our issuance and sale of 11,827,256 shares of our Class A common shares in this offering will be approximately US$185.8 million (or US$219.1 million if the underwriters exercise in full their option to purchase additional shares), assuming an initial public offering price of US$17.00 per share, which is the midpoint of the price range set forth on the cover page of this prospectus, and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. Each US$1.00 increase (decrease) in the assumed initial public offering price of US$17.00 per share would increase (decrease) the net proceeds to us from this offering by approximately US$11.2 million, assuming the number of shares offered by us, as set forth on the cover page of this prospectus, remains the same and after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us. Each increase (decrease) of 1.0 million in the number of shares we are offering would increase (decrease) the net proceeds to us from this offering, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us, by approximately US$16.2 million, assuming the assumed initial publicoffering price stays the same. We intend to use the net proceeds from this offering to fund future acquisitions including at least 1,000 medical school seats) and investments in complementary businesses, products or technologies. Any remaining net proceeds will be used for general corporate purposes. We will have broad discretion in allocating the net proceeds from this offering. Although we currently anticipate that we will use the net proceeds from this offering as described above, there may be circumstances where a reallocation of funds is necessary. The amounts and timing of our actual expenditures will depend upon numerous factors. Accordingly, our management will have flexibility in applying the net proceeds from this offering. An investor will not have the opportunity to evaluate the economic, financial or other information on which we base our decisions on how to use the net proceeds. Pending determination of the use of the net proceeds from this offering, we intend to invest them in a variety of capital preservation investments, including short-term, investment-grade, interest-bearing instruments and U.S. government securities. We will not receive any proceeds from the sale of shares by the selling shareholders.
Competition: We believe we are the only company in Brazil with a focus on the entire learning career of a physician. However, several companies provide solutions that compete in some of the markets we operate. We compete directly or indirectly with other post-secondary institutions that offer medicine courses or any of the other higher education courses in our portfolio. This market is very fragmented and currently there are more than 300 other institutions that offer medical courses in Brazil. The following table sets forth our main competitors and the number of approved medical seats they had as of March 31, 2019 and December 31, 2018, respectively: Number of Approved Medical Seats Company As of March 31, 2019 As of December 31, 2018 Afya Brazil 1,167 * 1,167 UNINOVE 1,158 1,119 Laureate 1,013 1,013 Estácio 961 961 UNIT 600 600 * Following the acquisition of FASA on April 3, 2019, the number of approved medical school seats increased to 1,352. The medical residency test preparatory course is more concentrated and there are currently four main players including MedGrupo circa, with 90% market share, and some other small players like Sanar, RMED and SJT MED, all with less than 10% market share. The market for graduate medical courses is relatively new and a few small players operate in this segment.

Calendar

15 Jul 19
31 Dec 19
19 Jul 19

News

Company financial data

$37.1M
$12.7M
$143.37M

Financial reports

No filings

Current reports

No filings

Proxies

No filings

Other

No filings