Bust Out the Party Hats It's a PE-Backed IPO

It has been 146 days since Grand Canyon Education held the last initial public offering of a private equity-backed company. The drought however was brought to an end yesterday when Warburg Pincus-sponsored Bridgepoint Education sold 13.5 million shares at $10.50, raising $141.8 million. 80% of the offering proceeds went to the company's investors with the company's net proceeds only totaling $28.2 million. Warburg retained a 65% ownership stake in the company following the offering.