Online college Grand Canyon Education Inc. is planning its initial public offering later this month, in a deal that would mark the end of a nearly four-month IPO drought in the U.S.
The deal is set to price the week of Nov. 17, according to underwriters. Arizona-based Grand Canyon Education filed for its IPO in May, and set a share size and price range at the end of September. But it didn't select a date to launch the deal as October led to steadily deteriorating broad market conditions.
The company plans to sell 10.5 million shares at a price between $16 and $18, $2 lower than originally planned, and will list on the Nasdaq Stock Market under the symbol "LOPE." Credit Suisse Group and Merrill Lynch & Co. are the lead underwriters. The deal is expected to begin trading Nov. 20.
Grand Canyon Education to IPO this month
The Education and Training Services sub sector is currently one of the leading sector by relative strength. Grand Canyon Education is planning an IPO this month. This will be an IPO to watch.