Thoma Bravo-controlled Instructure Holdings Inc. (NYSE: INST) returned to the secondary market yesterday after the company that owns Canvas LMS priced its initial public offering of 12.5 million shares at $20 apiece — meaning the company estimates it will raise $250 million, mostly intended to cut its debt of $778 million in the long term. Executives of the company rang the opening bell at the NYSE today, as shown in the pictures and video below. The registration statement was filed at the SEC on July 21, 2021. The offering is expected to close on July 26, 2021. The stock closed at $20.69, after a gain of 4.90% on its first day of trading. The market capitalization was 2.95 billion. It was a successful debut for Thoma Bravo, the investment equity company that took Instructure private last year in a deal valued at $2 billion. The Salt Lake City, Utah – based start-up first went public four years ago. The finance company will own 88% of the stock after the offering, or 87% if the overallotment option is exercised in full. Instructure granted the underwriters a 30-day option to purchase up to an additional 1.8 million shares at the IPO price. During the first three months of 2021, Instructure had revenue of $94.0 million and a net loss of $33.1 million, according to the filing. It’s officially official: #INST is on the @NYSE. Congratulations to all employees, customers, partners, and educators around the world. pic.twitter.com/VjBA5GLbnr — Instructure (@Instructure) July 22, 2021 Big moment for Instructure today. We are now publicly-traded on the @NYSE. We're so excited about this next step and what this means for our customers, employees, and entire education family. pic.twitter.com/1JgTF5jCle — Instructure (@Instructure) July 22, 2021 Today @Instructure rings the Opening Bell to celebrate its IPO 🔔 We're excited to welcome them into our #NYSECommunity 🏛 $INST pic.twitter.com/uftezbvn34 — NYSE 🏛 (@NYSE) July 22, 2021 • IBL News, July 14, 2021: Instructure / Canvas LMS Details Its IPO: A Valuation of $2.9 Billion Expected
Federal higher education programs for the fiscal year 2022 would include a substantial increase in student financial aid and science research, according to the House Appropriations Committee's draft of the funding bill. This projected spending aligns with President Biden's budget, according to a report published by Inside of Higher Ed this week. The legislation would provide $27.2 billion for federal student aid programs. Another $3.43 billion will go to higher education programs. It means an increase of $889 million from the fiscal year 2021 and $122 million above President Biden’s budget request. The bill would increase the maximum annual Pell Grant award by $400. The funding for the National Institutes of Health will increase to $49 billion from up to $42.5 billion from the fiscal year 2021. However, the bill might suffer changes as Republicans in Congress disagree with the spending levels, as well as with the repeal of the Hyde Amendment that bars the use of federal funds for abortions. • Inside Higher Ed, July 13: Biden’s Higher Ed Budget Moves Ahead in House
Thoma Bravo-controlled Instructure Holdings Inc., the owner of the leading Canvas LMS, announced yesterday the terms of its initial public offering (IPO) in an amended prospectus filed to the SEC. Private equity firm Thoma Bravo is offering 12.5 million shares of its common stock. The IPO price will be between $19.00 and $21.00 per share. This would allow the company to raise net proceeds of about $228.1 million at a $20 midpoint. That funding would help cut its debt: $778 million in the long term. Educational consultant Phil Hill wrote that "this is a move by Bravo to manage the debt the company took on as part of the purchase." Thoma Bravo will still own the vast majority of shares in Instructure after this IPO, using a complex system of holding companies, stock splits, and dilutions plans. The actual public offering would lead to an estimated raise of $250 million. Those offered shares are a small part of the total number of shares, however, and Thoma Bravo will retain the rest. After the offering, Thoma Bravo will own around 87% of the stock. "As a result, we expect to be a “controlled company” within the meaning of the corporate governance standards of NYSE," said the company in the prospectus. Utah-based Instructure's (NYSE: INST) expects to be valued at up to $2.91 billion, according to MarketWatch. In March 2020, private equity firm Thoma Bravo took Instructure private in a deal valued at about $2 billion. During the first three months of 2021, Instructure had revenue of $94.0 million and a net loss of $33.1 million, according to the filing. The underwriters of the IPO have reserved 5% of the stock to be offered in the IPO to be sold to the senior leadership of the company through a directed sale program. Thoma Bravo acquired Instructure in March 2020 and it had -36% operating margins. Taking public a year later with +31% operating margins. Why is there no mechanism to have this value creation occur in the public markets? Seems like a ripe area for activism — Viggy Krishnan (@viggy_krishnan) July 13, 2021
The Department of Defense (DoD) and MIT launched this month an innovative platform to educate engineering students, professionals, and technicians on advanced manufacturing technologies. The platform called ManufacturingWorkforce.org displays to date six on-demand, self-paced photonics courses, developed in partnership with AIM Photonics: • Integrated Photonics Test: Passive Devices • Photonic Integrated Circuits: Sensors • Photodetectors and Modulators for Silicon Photonics • Understanding Cost and Environmental Impacts of Photonics • Integrated Photonics Test: Active Devices • Design of Microring Resonators and Filters: from Theory to Implementation Each course features top instructors, including MIT professors, Naval Research Laboratory scientists, and private-sector engineers. Five additional integrated photonics courses will be added this Summer. Resources on flexible hybrid electronics (FHE) will be added to the platform in the future. "The platform is a tangible example of the Department’s commitment to educating the next generation of U.S. science and technology leaders," said Ms. Barbara McQuiston, performing the duties of the Under Secretary of Defense for Research & Engineering. "I am extremely grateful that DoD is partnering with MIT for this venture. Our MIT colleagues understand the value of public-private partnerships to foster technological talent and to ensure the continued dominance of the U.S. research and engineering enterprise." "This new platform provides an excellent career-building resource for students and professionals in advanced manufacturing technologies," said Robert Gold, Director of OUSD(R&E)’s Technology and Manufacturing Industrial Base Office. "A critical component of the institutes’ work is promoting student education and workforce development, which is key to maintaining a strong U.S. industrial base that can design and manufacture the cutting-edge technology our Warfighters need," said Robert Gold. Built on the IBL Platform with Open edX technology, the platform has been developed by the Office of the Under Secretary of Defense for Research and Engineering (OUSD(R&E)), in partnership with MIT’s Initiative for Knowledge and Innovation in Manufacturing (IKIM). [Disclosure: IBL Education, the parent of this news service, powers the platform and provides filming and development services for the courses.]
JULY 2021 – NEWSLETTER #44 | Breaking news at IBL News |  Noticias en Español Universities • Stanford University Sets Its Video Wall for 250 Students on Zoom • The University of Michigan Extends Its Tuition-Free Program • MIT Ranked the World's Best University for the 10th Year by QS Covid • Universities with Full Vaccinated People Can Return to In-Person Learning • The White House Pushes Colleges and Universities to Get More Students Vaccinated • Amazon Starts Selling COVID Test Kits for $39.99 on Its Website Industry • ASU-GSV Releases the List of the World's 300 Most Dynamic EdTech Companies • AI Technology in Education Will Grow 40% Annually Until 2027 Initiatives • Hollywood Celebrities Set a Film School in Partnership with Los Angeles' Public System • Chromebooks See a Surge of Demand of 43.4 Million Units Due to the Pandemic • NVIDIA AI-Based App Turns Rough Sketches into Realistic Landscapes Scenes • WordPress Owner Company Buys Journaling App Day One Corporate Training • IBM Launches a Global Program to Improve the Skills and Employability of Thousands • Udacity Issues a Two-Month Free Course on AWS Machine Learning Foundation • Bayer Will Use Degreed as Workforce Development Platform Wall Street • Trading App Robinhood Files Its IPO, Targeting a Valuation of $40B • Private Equity Firms Acquire Cloudera In a Deal Valued at $5.3 Billion • Chinese Public Companies Lost Billions in Market Cap Because of Deceptive Marketing 2021 Events | All of the Key Conferences Listed! • Education Calendar – JULY-DECEMBER | Conferences in Latin America & Spain This newsletter is created in collaboration with IBL Education, a New York City-based company specializing in AI-driven learning platforms. We also film and produce courses for universities and business organizations. Read the latest IBL Newsletter  |  Archive of Open edX Newsletters
