McGraw-Hill Education, an Apollo-backed academic publisher spun out of McGraw-Hill Financial, withdrew its plans for an initial public offering on Friday. The company did not provide a reason. It originally filed in September 2015 for an IPO that we estimated could have raised $500 million.
The New York, NY-based company was founded in 1888 and booked $1.6 billion in sales for the 12 months ended September 30, 2018. It had planned to list on the NYSE under the symbol MHED. Credit Suisse, Morgan Stanley, BMO Capital Markets, Goldman Sachs, Barclays, Jefferies, RBC Capital Markets and Wells Fargo Securities were set to be the joint bookrunners on the deal.
