Apollo-backed Phoenix Education Partners files for US IPO
The Phoenix, Arizona-based company joins a growing number of large corporate issuers gearing up for potential IPOs this fall, as the new listings market is set to emerge from its seasonal August lull. The company, backed by alternative asset manager Apollo Global Management, reported a net income of $118 million in the nine months ended May 31 on revenue of $750 million, compared with net income of $105 million on revenue of $710 million a year earlier. Phoenix Education provides online programs for working adults in the U.S. through its subsidiary, University of Phoenix, including undergraduate, graduate, certificate and nondegree options.