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Educational publisher McGraw-Hill Education files to go public
September 4, 2015 / 5:57 PM / 2 years ago

Educational publisher McGraw-Hill Education files to go public

Sept 4 (Reuters) - McGraw-Hill Education Inc, one of the big three educational publishers, on Friday filed with U.S. regulators for an initial public offering of common stock.

The company, owned by private equity firm Apollo Global Management LLC, did not name the underwriters for the IPO in its filing with the U.S. Securities and Exchange Commission. (1.usa.gov/1M0ezOl)

The New York-based company said it intends to list its common stock under the symbol "MHED", but did not say which exchange it planned to list on.

Reuters reported earlier this week that McGraw-Hill Education had hired Credit Suisse Group AG and Morgan Stanley to lead the IPO, which was expected to value the company between $5 billion and $6 billion, including debt.

McGraw-Hill set a nominal fundraising target of $100 million, the company said in the filing on Friday.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

McGraw-Hill Education sells textbooks for school and university students and professionals in about 60 languages.

It competes with Pearson Plc and Cengage Learning Inc, and, like its peers, has sought to make most of its content available on the Internet as more people read on their tablets and phones.

Apollo acquired the business from McGraw-Hill Companies in March 2013 for $2.4 billion. Since then, Apollo has increased the company's profits, cut costs and expanded its digital offerings. (Reporting By Sudarshan Varadhan in Bengaluru; Editing by Savio D'Souza)

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