Nov 13 Houghton Mifflin Harcourt Co,
the textbook publisher that emerged from bankruptcy last year,
priced its initial public offering at $12 per share, below the
range it guided towards earlier this month.
A total of 18.3 million shares were sold in the offering,
all of which came from selling stockholders, including hedge
fund billionaire John Paulson, the company's biggest stockholder
with a 23 percent stake. At the listing price, the company is
valued at about $1.68 billion.
Other prominent shareholders who sold their holdings in the
IPO include Anchorage Funds, Avenue Capital Management II LP,
and Blackrock Funds.
The Boston-based company, which has been publishing books
since 1832, emerged from bankruptcy in 2012 when bondholders of
some $3 billion in debt received equity in the company.
Houghton, which earlier expected to price the IPO at between
$14 and $16 per share, is slated to debut on the Nasdaq on
Thursday under the symbol "HMHC."
Goldman Sachs and Morgan Stanley were the lead underwriters
to the offering.