Platinum Equity-backed McGraw Hill files for US IPO
(Reuters) -McGraw Hill, a textbook publisher and educational courses provider backed by billionaire Tom Gores’ Platinum Equity, filed for an initial public offering in the United States on Friday.
The move comes nearly four years after the company’s $4.5 billion acquisition by Platinum, and coincides with the gradual reopening of the IPO market.
Recent strong market debuts, such as stablecoin giant Circle, have also encouraged more companies to list their shares.
Columbus (WA:CLC), Ohio-based McGraw Hill disclosed a revenue of $2.1 billion for the fiscal year ended March 31, up 7% from the year before.
Its net loss narrowed to $85.8 million, compared with $193 million a year earlier.
McGraw Hill is the holding company of McGraw-Hill (NYSE:SPGI) Education, which previously attempted to go public but withdrew its filing in 2018.
It is one of the most recognized names in the publishing industry, and has a global sales team of nearly 1,500.
The company will aim to trade on the NYSE under the symbol "MH". Goldman Sachs is the lead underwriter for the IPO.
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