IPOs
11/20/2009 12:18 PM ET
(RTTNews) -
Archipelago Learning Inc. (ARCL: News ) Friday said it has priced an initial public offering of 6.25 million shares of its common stock at $16.50 per share. The shares were expected to be priced between $15 and $17 per share.
The subscription-based online education company is offering about 3.12 million shares of its common stock, and the selling stockholders are offering about 3.12 million common shares in the initial public offering.
The selling stockholders have granted underwriters a 30-day option to purchase up to an additional 937,500 shares at the initial public offering price to cover over-allotments, if any. The company will not receive any of the proceeds from the sale of shares by the selling stockholders.
The closing of the offering is expected to take place on November 25.
Founded in 2000, the company is headquartered in Dallas, Texas. The company's core business, Study Island, provides standards-based instruction, practice, testing and other tools for students in Kindergarten through 12th grade.
The company also offers classroom and school website portals, digital lockers and teacher productivity tools through its TeacherWeb services and online postsecondary programs through its Northstar Learning product line.
The main stockholder of Archipelago is Providence Equity Partners, a private equity firm.
On its first day of trading, Archipelago's stock opened at $19 per share, which is above the IPO price of $16.50. The stock performed well in the market, gaining more than 15% in the intra-day trading.
ARCL is currently trading at $19.32, up $2.82 or 17.09% on a volume of 3.01 million shares.
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by RTT Staff Writer
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