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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 for $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, also filed for an IPO but has not moved forward since.
