The Arizona Desert Lamp

Public offer from Arizona’s private university

Posted in Random by Connor Mendenhall on 20 November 2008

As this year’s tuition tussle plods forward, students are sure to hear a lot about adequate funding for Arizona’s public universities. But how are Arizona’s private universities doing in this new age of turbulence?

Yes, dear reader—you read that correctly. There are several private for-profit and nonprofit universities in Arizona that offer education beyond the Big Three. And if Grand Canyon University, a private Christian college based in Phoenix, is any indication, they’re doing a bit better than their public counterparts. From the Chronicle news blog:

Grand Canyon Education Inc., which operates the for-profit Grand Canyon University in Arizona, on Wednesday became the first company in four months to carry off an initial public offering when it completed its plan to raise $126-million by issuing 10.5 million shares through a consortium of investment banks.

The deal came in the wake of dozens of other companies’ canceling or postponing similar offerings, and was taken as a signal of investors’ measured confidence in the company’s business model. The price Grand Canyon commanded for its stock, about $12 per share, was far less than the $16 to $18 per share the company had hoped to get when it first made known its plans to go public this past spring.

Still, simply carrying out a public offering in today’s investment climate is quite a feat. If you’re interested in owning a piece of Arizona’s only online e-card offering Baptist college, you’re in luck! It started trading on NASDAQ yesterday.

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