NEW YORK (Reuters) – Grand Canyon Education Inc’s (LOPE.O: Quote, Profile, Research, Stock Buzz) initial public offering is scheduled to price on Nov. 19, according to one of the underwriters, potentially making it the first IPO in the United States to launch in more than three months.
The Arizona-based on-line post-secondary services provider originally filed for its IPO in May, and expects proceeds of about $200 million, according to Thomson Reuters data.
No IPO has launched in the United States since Texas-based Rackspace Hosting Inc (RAX.N: Quote, Profile, Research, Stock Buzz), a web-hosting company, began floating shares in early August — the longest such streak in decades. The drought has come as financial markets are under severe stress globally.
So far this year, 81 companies have withdrawn their IPOs, while 27 deals yielding $26.2 billion have gone ahead.
If the deal prices, Grand Canyon’s shares would begin trading on Nov. 20, the underwriter said.
The company has applied to trade on the Nasdaq Global Market under the stock symbol “LOPE.” (Reporting by Phil Wahba; editing by Jeffrey Benkoe)