Grand Canyon Education (LOPE), a Christian university based in Arizona (and our Warrior Stock of the Day on November 10) defied a brutal IPO market and raised $126 million on Wednesday night in the first initial public offering in the US since August 2008. The Financial Times reports that the $126 million was about half of the originally planned amount.
The equity offering was priced at $12 per share, at the low end of a range that had already been revised downwards twice and which started at a target range of between $18 and $20. FT reports that Grand Canyon has now broken the longest drought in the US IPO market since 1975.
(photo: Bill Ray, Life Magazine)