Phoenix Education Partners closes IPO with shares priced at $32

NEW YORK - Phoenix Education Partners, Inc., the parent company of The University of Phoenix, announced Thursday the completion of its initial public offering of 4,250,000 common stock shares priced at $32.00 per share. The stock has shown remarkable momentum, with InvestingPro data revealing a 19.22% return in its first week of trading.

The shares, which began trading on the New York Stock Exchange under the ticker symbol NYSE:PXED on Wednesday, were offered by existing shareholders who received all proceeds from the offering, totaling approximately $136 million before deductions for underwriting discounts and other expenses.

As part of the transaction, the selling shareholders granted underwriters a 30-day option to purchase up to an additional 637,500 shares at the IPO price, less underwriting discounts and commissions.

Morgan Stanley, Goldman Sachs & Co. LLC, BMO Capital Markets and Jefferies served as lead book-running managers for the offering, with Apollo Global Securities and Truist Securities acting as joint book-running managers. Several other firms including B. Riley Securities, Barrington Research, and Loop Capital Markets served as co-managers.

The IPO follows the company’s registration statement being declared effective by the U.S. Securities and Exchange Commission on September 30.

Phoenix Education Partners is the parent company of The University of Phoenix, which was founded in 1976 as an online education provider for working adults. According to the company’s press release statement, the university aims to provide higher education opportunities that help students develop knowledge and skills for their professional goals.

In other recent news, Phoenix Education Partners, Inc. began trading on the New York Stock Exchange at $38 per share, surpassing its initial public offering (IPO) price of $32 per share. The company had announced the pricing of its IPO at $32 per share, with the offering consisting of 4,250,000 shares of common stock being sold by existing shareholders. The underwriters have been given a 30-day option to purchase an additional 637,500 shares at the IPO price, excluding underwriting discounts and commissions. These developments mark significant steps for Phoenix Education Partners as it enters the public market.

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