Phoenix Education Partners, owner of the University of Phoenix, saw its shares rise 19% in its New York Stock Exchange debut, valuing the company at approximately $1.35bn, according to a report by Reuters.

The education provider, backed by Apollo Global Management and Vistria Group, priced its initial public offering at $32 per share, the midpoint of its range, raising $136m from the sale of 4.25 million shares. The stock opened at $38 and continued higher in early trading.

The listing marks a significant return to public markets for the University of Phoenix, nearly eight years after its parent, Apollo Education Group, was taken private by Apollo and Vistria in a $1.1bn deal.

Founded in 1976 by John Sperling, the University of Phoenix specialises in higher education for working adults. It reported nearly 79,000 degree-seeking students in fiscal 2024, with an average student age of 37.

Phoenix Education’s IPO comes as private equity firms accelerate exit activity amid improving market conditions. With falling interest rates and strong equity market momentum, sponsors are increasingly turning to public listings to unlock portfolio value.

The offering proceeded despite challenges posed by the U.S. government shutdown, which temporarily reduced Securities and Exchange Commission staffing. The SEC approved the company’s registration statement just hours before the shutdown took effect on 30 September.

Apollo and Vistria remain the company’s majority shareholders following the listing.

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