Grand Canyon Education Inc., which operates the for-profit Grand Canyon University in Arizona, on Wednesday became the first company in four months to carry off an initial public offering when it completed its plan to raise $126-million by issuing 10.5 million shares through a consortium of investment banks.
The deal came in the wake of dozens of other companies’ canceling or postponing similar offerings, and was taken as a signal of investors’ measured confidence in the company’s business model. The price Grand Canyon commanded for its stock, about $12 per share, was far less than the $16 to $18 per share the company had hoped to get when it made known its plans to go public this past spring.
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