Shortly after sunrise, educational publisher McGraw Hill(MH Proposed) disclosed its IPO’s terms: 24.39 million shares at a price range of $19.00 to $22.00 to raise $500.0 million, if priced at the $20.50 mid-point of its range, according to the S-1/A filing dated July 14, 2025. Under those terms, McGraw Hill would go public at a market cap of about $3.92 billion. This is a New York Stock Exchange listing. McGraw Hill intends to use the IPO proceeds to repay debt, according to the prospectus.
After the IPO, McGraw Hill will still be controlled by an investment fund affiliated with Platinum Equity, a major private equity firm.
Goldman Sachs is leading the team of joint lead book-runners, which includes BMO Capital Markets, J.P. Morgan, Macquarie Capital, Morgan Stanley, Deutsche Bank Securities and UBS Investment Bank.
Bankers expect to price McGraw Hill’s IPO next week. (Please see our IPO Calendarfor details.)
McGraw Hill (MH Proposed), based in Columbus, Ohio, is a leading educational publisher active in the K-12 to higher education markets as well as in the professional learning arena. The company said it serves about 60 million learners and educators on an annual basis.
McGraw Hill is not profitable, according to financial statements in the prospectus. For the fiscal year that ended March 31, 2025, McGraw Hill reported a net loss of $85.8 million on revenue of about $2.1 billion.
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