Apollo Global Management and The Vistria Group scored a solid market debut for their education investment as University of Phoenix owner Phoenix Education Partners surged 18.8% on its first day of NYSE trading, valuing the company at around $1.35bn, according to a report by Reuters.
Shares opened at $38, well above the IPO price of $32, after the sponsors sold 4.25 million shares within the targeted range of $31–$33. The offering priced the business at roughly $1.14bn, before the post-listing rally lifted its market capitalisation.
The flotation marks a significant liquidity event for Apollo and Vistria, who took the company private in 2017 through a $1.1bn buyout under the former Apollo Education Group banner.
The listing was completed despite the ongoing US government shutdown, with the Securities and Exchange Commission approving Phoenix Education’s registration statement just before the closure.
Founded in 1976, the University of Phoenix focuses on higher education for working adults, with nearly 79,000 enrolled students and an average student age of 37.
