Houghton Mifflin expects to raise as much as $292M
BOSTON (AP) — Houghton Mifflin Harcourt Co. said Friday that it plans to sell 18.25 million shares in its company for $14 to $16 per share in its initial public offering. At the high end of that range, the educational publisher would raise $292 million.
All of the shares are being sold by certain shareholders and the company will not receive any of the proceeds. The stockholders are expected to offer underwriters the option to buy an additional 2.7 million shares for over allotments.
Houghton Mifflin filed for Chapter 11 in May 2012 after reaching an agreement to eliminate $3.1 billion of its debt. It emerged from bankruptcy protection a month later.
The company plans to trade its shares on the Nasdaq Global Select Market under the symbol "HMHC."