Wednesday, December 3, 2008

Grand Canyon University IPO

Well, there is a Father Christmas....

Grand Canyon University
NASDAQ "LOPE" priced 10.5mm shares at $12/share day (vs. a filing range of $18-$20). The Company offers a blend of brick and mortar university level education, with a fast growing online component.

The combination of good comparables to price off, as well as strong top line growth of 50+%, with 20% margins are the honey that always attracts investors. Interestingly, most of the proceeds from the IPO went to shareholders.

Post offering, the stock is holding well around $15/share, which is around 2.75x next year's sales. Credit to Merrill Lynch and Credit Suisse for leading the effort in an environment where, according to Renaissance Capital, IPO's are off 75% from last year's pace.

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