McGraw-Hill Education Eyes IPO as It Embraces a Digital Future

McGraw-Hill Education, the legacy academic publishing brand turned learning technology company, is returning to the public markets. The company has filed for an initial public offering and plans to list its shares on the New York Stock Exchange under the ticker symbol MH.

According to the latest S-1 filing, McGraw-Hill will offer 24.39 million shares of common stock at a price range of $19 to $22 per share, implying a post-offer enterprise value of approximately $4.2 billion at the midpoint. The deal also includes a 3.66 million-share over-allotment option.

The IPO is led by an experienced underwriting syndicate including Goldman Sachs & Co. LLC, BMO Capital Markets, J.P. Morgan, Macquarie Capital, Morgan Stanley, Deutsche Bank Securities, and UBS Investment Bank. Co-managers include Baird, BTIG, Needham & Company, Rothschild & Co, Stifel, and William Blair. Importantly, Platinum Equity—which acquired McGraw-Hill from Apollo Global Management in 2021—will continue to control the company post-IPO and is not selling any shares in the offering.

Founded in 1888, McGraw-Hill has evolved into a global edtech firm. Its digital platforms, including Connect, ALEKS, and Redbird, serve the K–12, higher education, and professional learning markets. These platforms offer AI-driven assessments, adaptive learning, and learning analytics, and are used by over 13,000 institutions across more than 100 countries. With content in over 60 languages, McGraw-Hill blends deep content libraries with modern technology to personalize education at scale.

The IPO proceeds will be used primarily to repay outstanding borrowings under the A&E Term Loan Facility, improving the company’s capital structure and financial flexibility. Remaining funds will support general corporate purposes, likely tied to R&D and platform development.

Here’s a detailed look at McGraw-Hill’s recent financial performance from the S-1 filing, showing trends from fiscal years ended March 31:

These results show that McGraw-Hill is steadily improving its operating performance, even as it continues to invest in digital capabilities. While still operating at a net loss, the company has swung to positive operating income in 2024 and expects to nearly double it in 2025. Revenue is projected to increase modestly, while expenses, particularly in amortization and depreciation, remain well-managed.

Looking ahead, McGraw-Hill’s strategy includes:

• Scaling AI-powered learning platforms
• Driving recurring revenue via digital subscriptions
• Investing in global expansion
• Leveraging data and analytics for personalized instruction
• Exploring bolt-on acquisitions in edtech and analytics

Despite these strengths, the company is not without risk. It remains vulnerable to seasonal education budgets, regulatory shifts, and print market declines. Additionally, it must navigate risks associated with cybersecurity, international compliance, and IP protection, particularly as it leans deeper into digital markets.

Still, analysts note that McGraw-Hill is likely to be viewed as a hybrid edtech operator—not a pure-play SaaS firm, but one with real infrastructure, real clients, and a proven legacy in education. With a valuation at approximately 2.3x EV/revenue, it trades at a discount to tech-native peers like Duolingo (DUOL) and Coursera (COUR). McGraw-Hill’s IPO represents a unique opportunity: a globally trusted brand undergoing a major reinvention in one of the most vital sectors of the digital economy—learning.

McGraw-Hill is expected to price the week of July 21^st, 2025.