ANOTHER PUBLISHER FILES FOR IPO: McGraw-Hill Education is gearing up for an initial public offering that could value the company as high as $6 billion, Reuters reports. Credit Suisse Group AG and Morgan Stanley will lead the offering for the company that made $321 million in EBITDA on $1.3 billion in revenues. The IPO, which could bring as much as $100 million, is expected to launch at the end of the year.
Private equity firm Apollo Global Management purchased McGraw-Hill Education for $2.4 billion in 2013, effectively separating the education publishing business from McGraw-Hill Financial (which runs lucrative market research businesses like Standard & Poor’s and J.D. Power).
Speculations that McGraw-Hill Education would pursue an IPO have been buzzing since summer 2014, after rival publisher Houghton Mifflin Harcourt went public in November 2013 (and whose stock, at time of writing, has gone up nearly 40 percent since.)
