Educational Publisher McGraw-Hill Files For an Initial Public Offering
- McGraw-Hill, an educational publisher backed by billionaire Tom Gores’ Platinum Equity, has filed for an initial public offering (IPO) to repay debt.
- The IPO will trade on the NYSE under the symbol MH and is being led by Goldman Sachs as the underwriter.
- McGraw-Hill has a global sales team of 1,500 and a yearly revenue of $2.1 billion, with its net loss narrowing to $85.8 million in the latest year.
- The company’s IPO comes at a time when AI is reshaping the education industry, and as the IPO market gradually reopens after being affected by the pandemic.
- McGraw-Hill joins Britannica Group, which also filed for an IPO in January 2024 but has not moved forward since, in seeking to raise capital through the public markets.
IBL News | New York
Educational publisher McGraw-Hill filed this month for an initial public offering (IPO), seeking to obtain funding primarily to repay debt. It will trade on the NYSE under the symbol “MH,” and Goldman Sachs is the lead underwriter for the IPO.
Backed by billionaire Tom Gores’ Platinum Equity, who acquired the company forxA0$4.5 billion in 2021, Columbus, Ohio-based McGraw-Hill is one of the most recognized names in the publishing industry.
It has a global sales team of 1,500 and a yearly revenue of $2.1 billion. Its net loss narrowed to $85.8 million, compared with $193 million the previous year.
The company is pursuing a listing at a time when AI is dramatically reshaping the education industry, and as the IPO market gradually reopens.
In January 2024, Britannica Group, the company behind the 250-year-old Encyclopaedia Britannica and the Merriam-Webster dictionary, alsoxA0filedxA0for an IPO but has not moved forward since.