TLDR: McGraw Hill, the renowned educational publisher, successfully raised $414.63 million in its Initial Public Offering (IPO) on July 24, 2025. The company sold 24.39 million shares at $17 each, below its initial target range, valuing the company at $3.25 billion. The debut on the New York Stock Exchange marks its return to public markets nearly 13 years after being taken private by Apollo.
McGraw Hill, a leading name in the publishing and education solutions industry, has successfully completed its Initial Public Offering (IPO), raising $414.63 million. The company, backed by investment firm Platinum Equity, priced its shares at $17 each, below the marketed range of $19 to $22. A total of 24,390,000 shares were sold, leading to a valuation of $3.25 billion for the company upon its market debut.
The IPO comes at a time when the market is experiencing a surge in momentum, driven by a rally in equities and several successful recent debuts. This favorable environment has encouraged private equity sponsors, who have a substantial number of portfolio companies awaiting public listing, to capitalize on the current window of opportunity.
McGraw Hill commenced trading on the New York Stock Exchange (NYSE) on Thursday, July 24, 2025, marking its return to the public market after being taken private by Apollo nearly 13 years ago. , Apollo had previously attempted to re-list the company in 2015 before selling it to Platinum Equity. Following the offering, Platinum Equity will retain an 84.6 percent stake in McGraw Hill’s total outstanding shares.
As a prominent provider of educational resources, McGraw Hill is widely recognized for its textbooks and learning materials. Company filings indicate that 82 percent of higher education institutions in the United States utilize its products. The company also serves approximately 60 million learners and educators annually and is a top two provider in the K-12 market in the US, serving approximately 99% of public K-12 districts. In its IPO filing, McGraw Hill reported a 7 percent increase in revenue, exceeding $2 billion for the fiscal year ended March 31. The company aims to trade on the NYSE under the ticker symbol ‘MH’.
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Despite the successful IPO, concerns regarding the potential impact of Artificial Intelligence (AI) on the education publishing sector were noted as a factor that may have overshadowed the offering and contributed to the shares being priced below the initial range. The company’s significant debt load, which stood at $2.8 billion net debt as of the first quarter, also played a role in investor reservations, though the IPO proceeds are expected to reduce this to around $2.4 billion. Despite these concerns, McGraw Hill has demonstrated stable sales trends and resilient operating profits, with revenues of $1.95 billion, $1.96 billion, and $2.10 billion for fiscal years 2023, 2024, and 2025 respectively. Operating profits have also shown a healthy upward trend, reaching $546 million in 2025.
