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Phoenix Education Partners Inc., formerly AP VIII Queso Holdings, L.P., is the parent company of The University of Phoenix, Inc., a for-profit higher education provider focused on working adults in the United States. Founded in 1976 and organized as a Delaware corporation, the company delivers online degree and certificate programs and develops employer-focused talent solutions such as the Talent Source platform and the AI-driven Skillmore tool.
| Ticker | Exchange | Price | Change | Volume |
|---|---|---|---|---|
| PXED | NYS | $41.34 | +29.19% | 457,513 |
Corporate Structure
On October 8, 2025, Phoenix Education Partners converted from a Delaware limited partnership to a Delaware corporation and officially changed its name. Its principal subsidiary, The University of Phoenix, offers 72 degree-granting and 33 non-degree certificate programs. In the same filing, the company registered 9,911,956 shares on Form S-8 for issuance under three employee equity plans: the Management Equity Plan, the Omnibus Incentive Plan, and the Employee Stock Purchase Plan, with automatic annual share-count increases through 2035.
Online Education by Thought Catalog
Recent Developments and News
- September 30, 2025: The company filed a draft registration statement on Form S-1 with the U.S. Securities and Exchange Commission, proposing an IPO of 4,250,000 shares. Underwriters include Morgan Stanley, Goldman Sachs, BMO Capital Markets, and Jefferies, with options to sell an additional 637,500 shares.
- October 8, 2025:
- A Form 8-A12B was filed to register its common stock on the New York Stock Exchange under the symbol “PXED.”
- Form S-8 was filed to register shares for employee benefit plans (size: 407 KB).
- A certification (Form CERT) was filed by the exchange approving the listing (size: 165 KB).
- October 9, 2025: PXED began trading at an IPO price of $32.00 per share.
- October 10, 2025: The offering is expected to close, subject to customary conditions.
Financial and Strategic Analysis
For the 12 months ended May 31, 2025, Phoenix Education Partners reported approximately $990 million in revenue. During the nine months ended May 31, 2025, the company reported revenue of $750 million and net income of $118 million, compared with $710 million and $105 million, respectively, for the prior nine-month period. Average total degreed enrollment for the fiscal year ended August 31, 2024, was reported at 78,900 students. The IPO was priced at 3.7× enterprise value to trailing-twelve-month EBITDA, indicating a valuation below peer averages within the for-profit education sector.
Market Position and Industry Context
Phoenix Education Partners is one of the largest online education providers in the U.S., primarily serving adult learners with career-aligned programs. The company, backed by Apollo Global Management, operates in an industry that is undergoing regulatory scrutiny and changing student acquisition costs. The IPO valuation reflects market conditions in the for-profit education sector, where comparable companies typically trade at higher multiples. Underwriters have a short-term option to increase the offering size, indicating a measured outlook on market demand.
TL;DR
PXED debuted on the NYSE at $32.00 per share on October 9, 2025, following a Form S-1 registration filed on September 30. The offering of 4.25 million shares (plus a 637,500-share option) is expected to close on October 10. Trading at 3.7× EV/TTM EBITDA, the IPO pricing reflects a valuation that is lower than that of peers and positions the company to utilize public-market capital for strategic initiatives in its online education business.
