McGraw-Hill Education Files for IPO

Dow Jones Newswires

McGraw-Hill Education Inc. on Friday filed initial paperwork to go public, just two years after being sold to private-equity firm Apollo Global Management LLC.

The company, previously owned by what is now McGraw Hill Financial Inc., publishes textbooks for the college market and has recently expanded into digital learning products.

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In a regulatory filing, the company said it is looking to raise up to $100 million. That figure is a placeholder used to calculate registration fees and is likely to change.

The company said it plans to list under the symbol "MHED." McGraw-Hill Education plans to use proceeds from the offering to pay fees and general corporate purposes, according to a regulatory filing.

As part of the filing, McGraw-Hill Education disclosed its financial performance for the past few years.

Last year, the company's loss nearly doubled to $330.7 million amid a 36% jump in operating expenses. Revenue grew 17% to $1.86 billion.

McGraw Hill Financial, known then as McGraw-Hill Cos., agreed to sell its education unit to private-equity firm Apollo Global Management LLC for $2.5 billion in November 2012. The sale capped a process that took more than a year to complete and ended a plan by McGraw-Hill to take the education unit public.