Private-equity backed Cengage hopes to follow McGraw Hill by launching an IPO later this year. Bloomberg reports that the company has picked Citigroup and Morgan Stanley to work on an offering “as soon as in the first half of the year.” The people who leaked the news say the hope is to raise approximately $500 million. That’s roughly what McGraw Hill hoped to raised from their IPO last year, but demand was weaker than expected, so the final pricing only raised just under $386 million. Shares fell steadily after the offering, and though they rebounded recently, it still trades well […]
