Phoenix Education Partners closes $136 million IPO on NYSE

Phoenix Education Partners Inc., parent company of University of Phoenix, completed its initial public offering of 4.25 million shares at $32 per share, the company announced. The shares began trading on the New York Stock Exchange under ticker NYSE: PXED on October 9.

The offering generated approximately $136 million in gross proceeds before deducting underwriting discounts and commissions. Existing shareholders sold all shares in the offering and received all proceeds. The company granted underwriters a 30-day option to purchase up to 637,500 additional shares at the IPO price.

Morgan Stanley, Goldman Sachs & Co. LLC, BMO Capital Markets and Jefferies served as lead book-running managers. Apollo Global Securities and Truist Securities acted as joint book-running managers, while B. Riley Securities, Barrington Research, Loop Capital Markets, Academy Securities, Bancroft Capital and Siebert Williams Shank served as co-managers.

The Securities and Exchange Commission declared the company's registration statement effective on September 30. University of Phoenix, founded in 1976, operates as an online education provider for working adults.

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