McGraw-Hill Education Files to Go Public
September 04 2015 - 2:50PM
Dow Jones News
McGraw-Hill Education Inc. on Friday filed initial paperwork to
go public, just two years after being sold to private-equity firm
Apollo Global Management LLC.
The company, previously owned by what is now McGraw Hill
Financial Inc., publishes textbooks for the college market and has
recently expanded into digital learning products.
In a regulatory filing, the company said it is looking to raise
up to $100 million. That figure is a placeholder used to calculate
registration fees and is likely to change.
The company said it plans to list under the symbol "MHED."
McGraw-Hill Education plans to use proceeds from the offering to
pay fees and general corporate purposes, according to a regulatory
filing.
As part of the filing, McGraw-Hill Education disclosed its
financial performance for the past few years.
Last year, the company's loss nearly doubled to $330.7 million
amid a 36% jump in operating expenses. Revenue grew 17% to $1.86
billion.
McGraw Hill Financial, known then as McGraw-Hill Cos., agreed to
sell its education unit to private-equity firm Apollo Global
Management LLC for $2.5 billion in November 2012. The sale capped a
process that took more than a year to complete and ended a plan by
McGraw-Hill to take the education unit public.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 04, 2015 14:35 ET (18:35 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Apollo Global Management (NYSE:APO)
Historical Stock Chart
From Mar 2024 to Apr 2024
Apollo Global Management (NYSE:APO)
Historical Stock Chart
From Apr 2023 to Apr 2024