Grand Canyon Education Inc., which operates Grand Canyon University, announced the pricing of initial public offering of 10.50 million common shares at $12.00 per share. The company said it is selling all of shares in the offering.
The company noted that its shares will begin trading on the NASDAQ Global Market on November 20, 2008 under the ticker symbol "LOPE". This offering is expected to close on November 25, 2008.
The company said it has also granted the underwriters a 30-day option to purchase up to nearly 1.58 million additional shares to cover over-allotments.
With Credit Suisse Securities (USA) LLC and Merrill Lynch & Co. as joint book-running managers and joint lead managers, BMO Capital Markets, William Blair & Company, and Piper Jaffray are acting the co-managers for the offering.
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