U.S. publisher McGraw Hill has revealed it is targeting a valuation of $4.2 billion in its IPO, according to filings reported on Monday. The publisher is the latest among companies attempting to take advantage of improved investor relations.
While IPO markets in the U.S. had remained frozen for a while due to tariff-related concerns, they managed to bounce back, and investor interest has increased for newly listed companies. Companies like stablecoin issuer Circle Internet Group and digital bank Chime Financial have, for instance, received considerable investor interest.
Platinum Equity-backed McGraw Hill is seeking to raise up to $537 million from 24.39 million shares priced between $19 and $22 apiece. This comes 13 years after the textbook publisher was taken private for $2.5 billion by private equity giant Apollo, which also attempted to re-list McGraw in 2015. It was formerly public as part of the McGraw-Hill Companies conglomerate that is now called S&P Global (SPGI). The company was sold to private equity investment firm Platinum in 2021 for $4.5 billion.
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In its S-1 prospectus filing, McGraw Hill said it generated $2.10 billion and $1.96 billion in revenue over its last two fiscal years, which end on March 31, while recording net losses of $85.84 million and $193.02 million, respectively, with adjusted profits of $202.35 million and $180.02 million. The company says it plans to use the proceeds from the IPO to pay off some of its debts, and said it does not plan to pay dividends on its shares once it goes public.
Goldman Sachs & Co. LLC is acting as book-running manager for the proposed offering and as representative of the underwriters for the proposed offering. BMO Capital Markets, J.P. Morgan, Macquarie Capital, Morgan Stanley, Deutsche Bank Securities, and UBS Investment Bank, are acting as bookrunners for the proposed offering. Baird, BTIG, Needham & Company, Rothschild & Co, Stifel, and William Blair are acting as co-managers for the proposed offering.
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McGraw Hill is one of the best-known names in the publishing industry — almost 99% of U.S. public K-12 districts and 82% of U.S. higher education institutions use the company’s products, according to its filings. It plans to trade on the NYSE under the symbol “MH.”
Meanwhile, design software firm Figma recently disclosed its financials in early July, drawing it closer to finalizing its IPO. Experts believe the company could raise up to $1.5 billion with this offering. If these expectations come true, this IPO could match or beat CoreWeave’s IPO, which was the biggest IPO of the year so far in the tech industry.