Company Overview - The University of Phoenix is targeting a valuation of up to $1.2 billion in its U.S. initial public offering (IPO) after more than eight years [1] - The university provides post-secondary education services primarily to working adults in the U.S. and offers 72 degree-granting and 33 non-degree certificate programs [2][3] IPO Details - Existing stockholders of Phoenix Education Partners aim to raise up to $140.3 million by offering 4.25 million shares priced between $31 and $33 each [1] - Apollo Global is selling 3.55 million shares, while Vistria Group is offloading 0.7 million shares as part of the IPO [2] Historical Context - The predecessor of Phoenix Education, Apollo Education Group, was taken private in 2017 in a $1.1 billion deal by a consortium including Vistria and Apollo [4] - The university has exited non-core programs and divested some operations under the stewardship of Apollo and Vistria [4] Recent Developments - In 2023, a non-profit affiliated with the University of Idaho agreed to acquire the operations of the University of Phoenix for $550 million, but the deal was ultimately abandoned [5] - Apollo will maintain control of a majority of Phoenix Education's voting power after the IPO [5] Underwriters and Listing - Morgan Stanley, Goldman Sachs, BMO Capital Markets, and Jefferies are the lead underwriters for the offering [5] - Phoenix Education will be listed on the New York Stock Exchange under the symbol "PXED" [5]
University of Phoenix owner eyes $1.2 billion valuation in US IPO