""Phoenix Education Partners, parent company of the for-profit University of Phoenix, which announced its IPO plans one day before the shutdown began, said on Wednesday that it has priced its shares at $32. That's the midpoint of its earlier targeted range of between $31 and $33 a share. The company intends to list on the New York Stock Exchange (NYSE) under the "PXED" ticker symbol. Selling shareholders will offer roughly 4.3 million shares of its common stock,""
""Adult learners represent an attractive and growing sub-segment of the higher education market," Phoenix Education writes in its prospectus. "However, they face unique challenges that are not addressed by traditional programs designed for 18- to 22-year-olds, including the time constraints and responsibilities of work, community and caring for dependents." The school says it had an average total enrollment of 82,700 degree-seeking students as of the first nine months of this fiscal year."
A political impasse in Washington that has shut down the government is expected to significantly slow U.S. IPO activity just as the market had begun to recover. Phoenix Education Partners priced its IPO at $32 per share, the midpoint of a $31–$33 target range, valuing the company at roughly $1.14 billion. Selling shareholders will offer about 4.3 million common shares and the company plans to list on the NYSE under the PXED ticker, with Morgan Stanley, Goldman Sachs, BMO Capital Markets and Jefferies as lead book runners. University of Phoenix focuses on online adult learners, averaged 82,700 degree-seeking students, and reports about 70% pursuing bachelor’s degrees in business, IT and healthcare.
Read at Fast Company
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