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Investing.com -- Phoenix Education Partners, Inc. started trading on the New York Stock Exchange Thursday at $38 per share, exceeding its initial public offering (IPO) price of $32 per share.
The company, which is the parent of The University of Phoenix, Inc., priced its IPO of 4,250,000 common stock shares at $32 per share on Wednesday. These shares are being offered by existing shareholders rather than the company itself.
The stock is trading under the ticker symbol "NYSE:PXED" on the New York Stock Exchange.
Phoenix Education Partners is the parent company of The University of Phoenix, which was founded in 1976 as a pioneer in online education for working adults. The university provides higher education opportunities that help students develop knowledge and skills for professional goals, organizational performance improvement, and community leadership.
As part of the offering, the selling shareholders have given the underwriters a 30-day option to purchase up to an additional 637,500 shares at the IPO price, minus underwriting discounts and commissions.
Morgan Stanley, Goldman Sachs & Co. LLC, BMO Capital Markets, and Jefferies are serving as the lead book-running managers for the offering.
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