(Reuters) – Bridgepoint Education Inc, a provider of post-secondary education services, filed with U.S. regulators on Monday to raise up to $230 million in an initial public offering of common stock.
The San Diego-based company told the U.S. Securities and Exchange Commission in a preliminary prospectus that Credit Suisse and J.P. Morgan were underwriting the IPO.
In 2004, investor Warburg Pincus, Bridgepoint’s chief executive, Andrew Clark, and other executives launched the company.
The filing did not reveal how many shares the company planned to sell or their expected price.
Bridgepoint plans to use proceeds from the IPO to pay holders of series A convertible preferred stock and for general corporate purposes.
Warburg Pincus holds about 10.5 million of the company’s series A convertible preferred shares.
For the year ended Dec. 31, 2007, the company posted net income of $3.3 million on revenue of $85.7 million.
The company intends to list its common stock on the New York Stock Exchange under the symbol “BPI.” (Reporting by Shivani Singh in Bangalore; Editing by Himani Sarkar)