Phoenix Education Partners, the owner of the University of Phoenix, is seeking a valuation of up to $1.17bn in its planned US IPO, providing a partial exit for private equity backers Apollo Global Management and Vistria Group, according to a report by Reuters.
The sponsors are looking to raise up to $140m through the sale of 4.25 million shares priced between $31 and $33. Apollo will divest 3.55 million shares but retain majority voting control, while Vistria is selling 700,000 shares.
Apollo and Vistria took Phoenix private in 2017 in a $1.1bn buyout, reshaping the business by exiting non-core programmes and selling overseas assets. A planned $550m sale to the University of Idaho fell through last year, leaving the IPO as the firm’s next liquidity event.
Phoenix Education will list on the New York Stock Exchange under the ticker PXED, with Morgan Stanley, Goldman Sachs, BMO Capital Markets, and Jefferies as lead underwriters.
