University of Phoenix IPO: All eyes on the stock price as education partners go public during shutdown

With no end in sight to the political impasse in Washington that has shut down the government, the U.S. IPO market is expected to experience a significant slowdown just as it was beginning to show signs of life again.

Some companies are nevertheless forging ahead with their listings.

Phoenix Education Partners, parent company of the for-profit University of Phoenix, which announced its IPO plans one day before the shutdown began, said on Wednesday that it has priced its shares at $32. That’s the midpoint of its earlier targeted range of between $31 and $33 a share.

The company intends to list on the New York Stock Exchange (NYSE) under the “PXED” ticker symbol. Selling shareholders will offer roughly 4.3 million shares of its common stock, with Morgan Stanley, Goldman Sachs, BMO Capital Markets, and Jefferies serving as lead book runners.

At its offering price, Phoenix Education has a valuation of roughly $1.14 billion, Bloomberg reported.

“An attractive and growing sub-segment”

University of Phoenix is almost 50 years old and has been accredited since 1978, according to a company prospectus filed with the Securities and Exchange Commission (SEC). The school is geared toward online adult education, with most of its students already in the workforce and seeking to advance their careers in some way.

“Adult learners represent an attractive and growing sub-segment of the higher education market,” Phoenix Education writes in its prospectus. “However, they face unique challenges that are not addressed by traditional programs designed for 18- to 22-year-olds, including the time constraints and responsibilities of work, community and caring for dependents.”

The school says it had an average total enrollment of 82,700 degree-seeking students as of the first nine months of this fiscal year. Roughly 70% of its students are seeking bachelor’s degrees, with business and IT being its most popular areas of study, followed by healthcare and behavioral and social sciences.

Is University of Phoenix profitable?

Unlike some of the high-profile tech startups that have gone public this year, University of Phoenix is already profitable.

Last year, it generated net income of $115 million on revenue of $950 million, according to its SEC filings, up from net income of $52 million on revenue of $801 million in 2022.

What else is there to know?

Phoenix Education is backed by Apollo Global Management and investment firm Vistria Group, with the former being a majority shareholder. The company is expected to list its shares today (October 9, 2025) at some point after the opening bell.

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