McGraw Hill Inc raises $414.6 million in US initial public offering, selling 24.39 million shares
US-based education provider McGraw Hill has raised $416 million in its initial public offering, after selling 24.39 million shares at $17 each, according to a statement released this week.
McGraw Hill began trading on the New York Stock Exchange on July 24, with the offering expected to close the following day.
The company will receive proceeds of approximately $385,697,545 million after deducting underwriting discount and commissions and estimated offering expenses. It intends to use the proceeds from the offering to repay a portion of its outstanding borrowings.
Founded in 1888, McGraw Hill is one of the U.S.’s oldest education providers. In recent years, the organization has embraced digital education solutions, using data and technology to support student learning, alongside more traditional textbook offerings.
Earlier this year, McGraw Hill announced a new partnership with provider Pearson, bringing Pearson’s assessment capabilities into McGraw Hill’s K-12 curriculum solutions. Pearson’s Pearson Review of Progress & Learning (PRoPL) will add high-quality interim assessment solutions directly into McGraw Hill’s core curriculum offerings, giving educators a better understanding of student progress.
McGraw Hill has also recently expanded its career and technical education (CTE) portfolio with new technology and computing programs and tools. Increasingly in demand in the U.S. and across the world, CTE has changed in recent years, becoming a sought-after solution to help build a skilled workforce for sectors such as computer science, advanced manufacturing and health science.
