CHARLESTON W.Va.
Investor interest in American Public Education’s planned initial public stock offering appears to be rising.
The Charles Town-based company, which runs online universities primarily for military personnel, has increased the price range for the offering to $18 to $19 per share, according to an amended Securities and Exchange Commission filing. American Public had anticipated pricing the shares between $15 and $17 for the deal, which is on this week’s IPO schedule.
Upping the price just before an IPO is considered a sign of strong investor demand for the shares.
American Public expects to net approximately $78.9 million from the offering of more than 4.68 million shares, according to the filing. American Public’s take could hit $91 million if the investment banks underwriting the IPO purchase an additional 703,125 shares.
The big beneficiaries of the deal are a handful of investors who already own American Public’s stock. The company plans to pay them $86.7 million immediately before the IPO.
The biggest sums will go to investment companies ABS Capital Partners, which stands to receive $37.8 million, and Camden Partners, which would get $12.4 million, according to the filing.
