Phoenix Education Partners, the owner of the University of Phoenix, is seeking a valuation of up to $1.2bn in its US initial public offering, marking the university’s return to public markets after more than eight years, according to sources cited by Reuters.

Existing shareholders are set to raise up to $140.3m by offering 4.25m shares at a price range of $31 to $33 each. Apollo Global Management will sell 3.55m shares, while Vistria Group will divest 0.7m shares.

Apollo will continue to hold majority voting control following the listing. Morgan Stanley, Goldman Sachs, BMO Capital Markets, and Jefferies are serving as lead underwriters. The company’s shares will trade on the New York Stock Exchange under the ticker PXED.

Apollo and Vistria previously took the University of Phoenix’s predecessor, Apollo Education Group, private in a $1.1bn deal in 2017. Since then, the owners have streamlined operations, exiting non-core programmes and divesting international schools.

A $550m sale of the university’s operations to a non-profit tied to the University of Idaho fell through earlier this year. The IPO comes amid renewed momentum in private equity-backed listings, as sponsor-backed companies return to public markets.

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