McGraw Hill’s IPO Fails to Meet Expectations

Jul 24, 2025

Shares of McGraw Hill began trading on the New York Stock Exchange today at $17 per share. In its prospectus announcing plans to go public filed July 14, the company had hoped the initial price would be between $19 and $22 per share.

MH expects to generate net proceeds of almost $386 million through the offering, which it will use to pay down debt. The lower offering price reduced the value of MH from approximately $4 billion to $3.3 billion. MH has been owned by the private equity firm Platinum Equity since 2021. In the fiscal year ended March 31, 2025, MH’s sales rose 7%, to $2.10 billion, and its net loss was reduced to $85.8 billion from $193 million in fiscal 2024. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) increased 10.6%, to $726.8 million.