McGraw Hill’s stock starts trading today on the NYSE under the ticker “MH” after their offering priced at $17 a share, below their announced range of $19 to $22 a share. Instead of the hoped for net proceeds of $467 million, they expect to receive just under $386 million, which will be used to pay down a portion of their term loans. That implies an initial equity value of about $3.075 billion, though the market will decide from here.
