Phoenix Education Partners, which provides post-secondary education services under the name University of Phoenix, announced terms for its IPO on Tuesday. The company is on file with the SEC under the name AP VIII Queso Holdings, which it plans to change.
The Phoenix, AZ-based company plans to raise $136 million by offering 4.3 million shares (100% secondary) at a price range of $31 to $33. At the midpoint of the proposed range, Phoenix Education Partners would command a fully diluted market value of $1.3 billion.
Through the University of Phoenix, the company provides post-secondary education, primarily to working adults seeking to advance their careers. The University currently offers 72 degree-granting and 33 non-degree certificate programs across a wide range of disciplines. For the fiscal year ended August 31, 2024, the Average Total Degreed Enrollment was 78,900, including 64,100 undergraduate and 14,800 graduate students.
Phoenix Education Partners was founded in 1976 and booked $990 million in revenue for the 12 months ended May 31, 2025. It plans to list on the NYSE under the symbol PXED. Morgan Stanley, Goldman Sachs, BMO Capital Markets, Jefferies, Apollo Global Securities, and Truist Securities are the joint bookrunners on the deal. It is expected to price the week of October 6, 2025.
