McGraw Hill raised $414.6 million in its initial public offering, pricing shares of the Columbus-based education company below its marketed range. The firm sold 24.39 million shares for $17 each, below the $19 to $22 range initially marketed to investors.
At the IPO price, McGraw Hill has a market value of $3.2 billion based on outstanding shares. The pricing below the marketed range reflects challenging market conditions for IPOs in 2025. Platinum Equity bought the business from Apollo Global Management in 2021 for $4.7 billion and will control nearly 87% of McGraw Hill after the offering.
The company plans for shares to begin trading Thursday on the New York Stock Exchange under the symbol MH. Goldman Sachs, Bank of Montreal, JPMorgan Chase, Macquarie Capital and Morgan Stanley are among the 13 banks working on the offering.
Founded in 1888, the textbook publisher has embraced digital educational tools including an AI-based math program and an AI Reader trained on course content. Its products are used by students across K-12, higher education and professional learning, serving approximately 60 million learners and educators annually. McGraw Hill is a top two provider in the K-12 market in the US, serving approximately 99% of public K-12 districts.
The company had about 26 million paid digital users during the fiscal year ended March 31. McGraw Hill had a net loss of $85.8 million on revenue of $2.1 billion in the fiscal year ended March 31, compared with a net loss of $193 million on revenue of $1.96 billion a year earlier. The company plans to use net proceeds from the offering to repay a portion of outstanding borrowings under its term loan credit facility.
McGraw Hill filed confidentially for a listing in 2022 and withdrew an earlier plan to go public in 2018. The move comes as the US market for first-time share sales climbs back after a pause in April following tariff announcements.
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