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NEW YORK, April 14 (Reuters) - Bridgepoint Education Inc's (BPI.N: Quote, Profile, Research) initial public offering priced at $10.50 per share, below its estimated range of $14 to $16, a source with knowledge of the deal said on Tuesday.

Bridgepoint, a San Diego-based operator of online and campus universities, sold 13.5 million shares, raising $141.75 million, the source said. The company had estimated its IPO could raise as much as $216 million.

About 81 percent of the shares sold were held by private equity firm Warburg Pincus.

The underwriters, led by Credit Suisse (CSGN.VX: Quote, Profile, Research) and JP Morgan (JPM.N: Quote, Profile, Research), have the option to buy up to 2.025 million shares additional shares to cover over-allotments.

The company plans to list on the New York Stock Exchange under the symbol "BPI" and begin trading Wednesday.

(Reporting by Phil Wahba)