Bridgepoint Education Cancels Public Offering

Bridgepoint Education (NYSE: BPI), a San Diego-based provider of online and campus universities, has canceled a proposed secondary public offering of 11 million common shares, citing “current market conditions.”

Sellers would have included Warburg Pincus, which currently holds around 34.5 million common shares (64.9% ownership stake), and members of company management. BoA Merrill Lynch and JPMorgan were serving as co-lead underwriters.

Bridgepoint Education went public earlier this year, raising $141.75 million in an IPO at $10.50 per share. It closed trading Friday at $16.26 per share.