McGraw Hill, an educational publisher and provider of digital learning tools, raised $415 million by offering 24.4 million shares at $17, below the range of $19 to $22. At the pricing, the company commands a fully diluted market value of $3.3 billion.
McGraw Hill is a leading global provider of information solutions for education across K-12 to higher education, and through professional learning. On an annual basis, the company serves approximately 60 million learners and educators. McGraw Hill is a top two provider in the K-12 market in the US, serving approximately 99% of public K-12 districts. It is also a top two provider of digital and print learning solutions in the US higher education market, serving approximately 82% of US higher education institutions.
McGraw Hill plans to list on the NYSE under the symbol MH. Goldman Sachs, BMO Capital Markets, J.P. Morgan, Macquarie Capital, Morgan Stanley, Deutsche Bank, and UBS Investment Bank acted as joint bookrunners on the deal.
