Phoenix Education Partners is the owner of one of the oldest online universities in the United States — the University of Phoenix, founded in 1976 and based in Arizona. The university specializes in programs for working adults, offering a flexible learning format and a focus on practical, career-oriented skills. Today, the university serves more than 80,000 students, 71% of whom are women.

The company plans to raise approximately $136 million through the sale of 4.3 million shares priced at $31–33 per share, valuing the business at around $1.14 billion. The offering is underwritten by Morgan Stanley, Goldman Sachs, BMO Capital Markets, Jefferies, and Apollo Global.

Phoenix Education Partners is bringing the University of Phoenix back to the stock market after an eight-year hiatus — a rare example of a re-IPO in the education sector. Its strong position in online higher education, career-focused approach, and stable student base make the company an attractive player amid the growing demand for flexible learning solutions.

IPO Phoenix Education Partners is attracting attention as one of the most anticipated offerings of the fall in the online education sector. The company is set to list on NASDAQ with a price range of $31–33 per share, aiming to raise approximately $136 million, valuing the business at around $1.14 billion.

The offering marks the return of the University of Phoenix to the stock market after an eight-year absence — a rare example of a re-IPO in the education industry. Investor interest is driven by the university’s large student base, strong technological infrastructure, and growing demand for flexible online learning solutions for working adults.

Application and funding deadline — Wednesday, October 8, 6:00 PM (UAE).

• Ownership: backed by investment group BDT & MSD Partners, which previously valued the company at $5 billion, including debt.

• Market position: a stable flow of orders driven by laundromats, hotels, residential complexes, and healthcare facilities.

• Financial performance: consistent revenue growth reflects strong demand for infrastructure renewal and modernization.

• Risks: exposure to volatility in steel and metal prices, as well as rising component and logistics costs.

• IPO goal: to restructure the balance sheet and reduce debt, strengthening the company’s overall financial stability.

In 1976, when personal computers were just emerging and distance learning seemed like science fiction, a new idea took shape in Arizona — the University of Phoenix. Its mission was simple yet bold: to give working adults the opportunity to earn a degree without putting their careers on hold.

Over the decades, the university became a symbol of online education — long before the rise of Coursera and edX. But in 2017, after a period of restructuring, the brand left the public market and was taken private by Apollo Global to reinvent itself and rebuild student trust.

Now, in 2025, through Phoenix Education Partners, the university is returning to the market. During these years, it has transformed — shifting from mass programs to a focus on career mobility and practical skills. More than 80,000 students study here today, the majority of them women building careers in business, education, IT, and healthcare.

With an IPO valued at around $1.14 billion and a planned raise of $136 million, this is more than a financial event — it’s the second chapter of a brand that once redefined higher education. Phoenix Education Partners is coming to NASDAQto once again prove that education can be flexible, accessible, and truly life-changing.

— What is an IPO?
An IPO (Initial Public Offering) is when a private company lists its shares on a stock exchange for the first time to raise capital from investors. From that point onward, the company’s shares can be freely bought and sold on the open market.

— Where are IPOs conducted?
IPOs take place on the world’s largest stock exchanges. In the U.S., the primary venues are the NYSE (New York Stock Exchange) and NASDAQ. Once a company goes public, its shares are freely traded on these exchanges, and the market price is established after the offering.

— What is allocation?
Allocation (from “allocation” — distribution) refers to the process of distributing resources, assets, or capital for maximum efficiency. In investing, allocation usually means distributing the available amount of shares among investors in an IPO or private placement.

— How much allocation does an investor receive?
The allocation size is determined by the terms of each specific offering and typically ranges from 2% to 30% of the submitted application amount. In some cases, the allocation may reach 100%. In rare instances, no allocation may be granted — in that case, the full amount of the application is returned to the investor’s account and becomes available for reinvestment or withdrawal. Information on the actual allocation volume is usually provided about one day before the IPO, approximately six hours prior to the transaction.

Example — Bullish IPO (Aug 13, 2025):
An investor placed an order for $10,000. The allocation was 29.6%, meaning $2,960 was invested in the IPO. The remaining $7,040, including the purchase commission, was refunded to the balance and became available for withdrawal.

Klarna IPO (Sept 10, 2025):
An investor placed an order for $10,000. The allocation was 14%, meaning $1,400 was invested in the IPO. The remaining $8,600, including the purchase commission, was refunded to the balance and became available for withdrawal.

Figure IPO (Sept 11, 2025):
An investor placed an order for $10,000. The allocation was 16%, meaning $1,600 was invested in the IPO. The remaining $8,400, including the purchase commission, was refunded to the balance and became available for withdrawal.

Gemini IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 29%, meaning $2,900 was invested in the IPO. The remaining $7,100, including the purchase commission, was refunded to the balance and became available for withdrawal.

Legence IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 78%, meaning $7,800 was invested in the IPO. The remaining $2,200, including the purchase commission, was refunded to the balance and became available for withdrawal.

Black Rock Coffee Bar IPO (Sept 12, 2025):
An investor placed an order for $10,000. The allocation was 68%, meaning $6,800 was invested in the IPO. The remaining $3,200, including the purchase commission, was refunded to the balance and became available for withdrawal.

— Why do companies go public?
To raise growth capital, increase brand visibility, and provide early investors and employees with an opportunity to sell part of their shares.

— How is participating in an IPO different from buying shares on the exchange?
When you participate in an IPO, you buy shares before they start trading publicly. This provides an opportunity to purchase at the fixed offering price but also carries the risk that the price may drop once trading begins.

— What do I get by participating in an IPO through Regolith?
You become an investor in the company at the IPO stage via our U.S. partner infrastructure. After the transaction is completed and the lock-up period expires, profits from the share sale are distributed among investors proportionally to their stake in the deal.

— What is a lock-up period and how long does it last?
A lock-up period is a timeframe set by the issuer and underwriters during which shares cannot be sold. For IPOs offered through our platform, this period is 93 days. Once it ends, the shares are sold on the exchange and proceeds are distributed among investors.

— How is participating through the platform different from buying shares independently?
To buy independently, you would need access to a U.S. broker, a significant investment amount, and approval from underwriters. The platform pools capital from investors, providing access to IPOs that are otherwise unavailable to most individuals.

— Through whom is IPO participation carried out?
We operate through a U.S.-based structure that works with a licensed broker in the U.S. Our partner selects promising IPOs and participates in the offering under its own name.

— How is the deal structured legally?
An investor signs an agreement/offer to participate in the investment product. Regolith then transfers funds to its partner entity — Wealthy Labs Limited (the provider), which enters into a forward contract with the broker and executes all operational activities. The provider delivers the financial outcome to Regolith, which then distributes proceeds among investors.

— Is there a minimum investment amount?
Yes. Each IPO has a defined minimum entry threshold, shown on the offering page. On average, Regolith provides access starting from $500.

— Do I receive shares into my personal brokerage account?
No. Shares are purchased and held in the partner’s brokerage account. After the lock-up period, the broker sells the shares and transfers proceeds for distribution among investors.

— Can shares be transferred directly to my brokerage account?
No. Participation is structured via a forward contract with the partner’s brokerage infrastructure. The deal is executed on behalf of the partner, and settlements with investors are carried out through the platform.

— How can I sell my shares after the IPO?
Sales are processed automatically: once the lock-up expires, the partner broker sells the shares on the exchange, and proceeds are distributed proportionally among investors.

— What are the risks of investing in IPOs?
IPOs are high-risk investments. While they may offer high returns, they also carry significant volatility. Share prices on the first trading day — and after the lock-up — can fluctuate sharply. There is a risk that the market price will fall below the offering price. In addition, macroeconomic and sector-specific factors can affect outcomes.

— Can I know in advance how much I will earn?
IPO returns are not guaranteed. The final result depends on the share price at the time of sale after the lock-up, overall market conditions, and the company’s performance.

— How can I verify that Regolith participates in IPOs?
We publish all available deal information in the client dashboard. Additionally, we provide an agreement disclosing the infrastructure used for transactions. Broker and partner documents are not shared, as they contain confidential data protected by contractual obligations.