McGraw Hill to Trade on NYSE: Here’s What the IPO Reveals (MH)

After decades of private ownership and strategic acquisitions, McGraw Hill, Inc. is officially eyeing the public stage. The company filed its amended Form S-1 with the (SEC) on July 14, 2025, signaling its intent to go public. McGraw Hill is offering 24,390,000 shares of its common stock at an anticipated price between $19.00 and $22.00 per share.

An additional 3,658,500 shares may be sold by the underwriters in case of over-allotments, bringing total potential shares to just over 28 million. The shares will be listed on the NYSE under the ticker symbol “MH.” The offering is being led by a heavyweight syndicate of underwriters including Goldman Sachs, J.P. Morgan, Morgan Stanley, and Deutsche Bank, among others.

The IPO is expected to raise hundreds of millions in capital, a portion of which McGraw Hill will use to reduce its leverage ratio and invest in product development and platform enhancements. This transition from private to public is being watched closely by analysts, not only because of the company’s legacy but also due to the unique EdTech pivot it represents.

The Business Behind the Brand: What Does McGraw Hill Actually Do?

McGraw Hill has long dominated the education publishing space, but today's McGraw Hill is more than textbooks. The company has reinvented itself as a global EdTech leader.

Here’s what powers their revenue machine:

• Digital Learning Platforms: Products like Connect®, ALEKS®, and Reveal Math® offer adaptive, AI-driven learning tailored to individual students’ needs and skills.

• Content Licensing: Deals with academic institutions and education departments allow access to their proprietary learning materials through LMS platforms.

• Professional & Continuing Education: Certifications and training products serve working professionals across fields like business, healthcare, and engineering.

• Global Reach: Operating in over 135 countries, McGraw Hill provides localized educational content in multiple languages, making it a truly international player.

The company’s product innovation focuses on measurable outcomes, such as course completion rates, skill acquisition, and real-time analytics for educators. These advancements have helped them remain competitive as more institutions seek scalable, tech-enabled educational solutions.

Financial Overview: What’s Under the Hood?

Though the S-1/A filing redacts exact revenue and profit figures, the financial strategy is clearly mapped out. McGraw Hill has made meaningful progress on building high-margin digital revenue streams, which now account for a growing share of its overall income.

Key financial highlights include:

• Recurring Revenue: Subscription models now account for a significant percentage of top-line revenue, offering stability and predictability.

• Debt Strategy: A portion of IPO proceeds will go toward repaying the A&E Term Loan Facility, a move that will reduce interest costs and improve creditworthiness.

• Investment in R&D: Ongoing capital is being allocated to platform upgrades, AI-driven learning tools, and mobile accessibility features.

With education budgets increasingly favoring hybrid and online solutions, McGraw Hill’s asset-light, digital-centric model could improve operating leverage and drive long-term profitability.

Notable Investors and Shareholding Structure

A major element in McGraw Hill’s IPO story is the continued influence of Platinum Equity, a global investment firm with over $36 billion in assets under management. Through its entity PE Mav Holdings, LLC, Platinum will retain approximately 86.5 percent of voting power following the IPO.

This investment dates back to McGraw Hill’s acquisition from Apollo Global in 2021 and reflects Platinum’s strategy of reviving legacy businesses through modernization. Platinum’s presence adds several layers of confidence, especially for institutional investors looking for signals of governance stability and long-term commitment.

Their investment approach often includes:

• Enhancing operational efficiency

• Investing in digital transformation

• Streamlining organizational structure

• Building value for a future sale or public listing

All signs suggest Platinum is playing the long game with McGraw Hill.

Strategic Partnerships That Power the Business

McGraw Hill has developed an ecosystem of partnerships that expand both its distribution network and product capabilities. These collaborations not only boost visibility but also enhance the user experience for both learners and educators.

Key partnerships include:

• Canvas, Blackboard, and D2L: Seamless LMS integrations offer millions of students access to McGraw Hill courseware directly through their academic platforms.

• Amazon Web Services (AWS): AWS powers McGraw Hill’s digital infrastructure, enabling scalability, cybersecurity, and fast deployment of updates.

• Pearson and Cengage integrations: Content-sharing and cross-platform functionality with other top publishers creates a competitive edge in the academic publishing space.

• Workforce Development Alliances: Collaboration with corporations and local governments allows McGraw Hill to offer career certification programs and upskilling resources.

These partnerships signal McGraw Hill’s ambition to be more than just a content provider, they’re aiming to be an indispensable tool in modern learning ecosystems.

Governance and Post-IPO Control Structure

While McGraw Hill will be a publicly traded company, it will retain controlled company status under NYSE rules. This means that Platinum Equity will continue to nominate board members and influence major decisions through its supermajority voting power.

The company will enter into a formal Investor Rights Agreement, granting Platinum continued governance privileges. Although this setup exempts McGraw Hill from certain board independence rules, it also offers strategic consistency. Public investors should understand:

• Platinum’s board control includes input on mergers, acquisitions, and leadership changes.

• Governance reforms may be slow or limited until Platinum reduces its stake.

• Institutional investors may demand more independent oversight in future proxy seasons.

Controlled companies are not uncommon, especially during the initial years post-IPO, but transparency and accountability will remain important investor concerns.

IPO Highlights at a Glance

Here’s a snapshot of the key facts:

• Company Name: McGraw Hill, Inc.

• Ticker Symbol: MH

• Exchange: NYSE

• Offering Size: 24.39 million shares (+3.65 million optional)

• Price Range: $19.00 - $22.00

• Lead Underwriters: Goldman Sachs, J.P. Morgan, Morgan Stanley, Deutsche Bank

• Use of Proceeds: Debt repayment, platform innovation

• Major Shareholder: Platinum Equity (86.5% post-IPO voting power)

• Business Focus: Digital learning platforms, educational publishing, professional development

Why This IPO Matters for the EdTech Sector

The McGraw Hill IPO represents a benchmark moment for legacy education companies transitioning into the digital era. Its success, or lack thereof, could set the tone for other companies considering public offerings in the EdTech space.

Here’s why this offering is worth watching:

• Validation of Digital Learning Models: A strong debut could reaffirm investor confidence in subscription-based educational platforms.

• Benchmark for Valuation: This IPO will provide a clear public market valuation for one of the oldest and most respected names in education.

• Inspiration for Spin-offs and Acquisitions: Competitors and private equity firms may view McGraw Hill’s trajectory as a template for future deals.

• Proof of Post-COVID Education Strategy: This is one of the largest education IPOs since the pandemic reset traditional learning norms.

Final Word

McGraw Hill’s IPO is more than just a financial transaction, it’s a defining moment for a company reinventing itself in the digital age. With strong backing from Platinum Equity, promising EdTech assets, global distribution, and strategic partnerships, McGraw Hill is positioning itself to be a top-tier public education technology company.

Yet, investors should be mindful of governance structure and market risks. The IPO is a potential gateway into one of the most transformation-ready corners of the education industry.

FAQs About McGraw Hill’s IPO

What is the expected IPO price for McGraw Hill?

The anticipated range is $19 to $22 per share.

How many shares are being offered?

The company is offering 24,390,000 shares, plus an optional 3,658,500 shares for underwriter allotments.

Who will still control the company post-IPO?

Platinum Equity, via PE Mav Holdings, will retain 86.5% voting power.

Where will the stock trade?

Shares will be listed on the NYSE under the ticker MH.

How will IPO proceeds be used?

Primarily to repay existing debt, specifically the A&E Term Loan Facility.

Is McGraw Hill profitable?

While exact numbers aren't disclosed, the company reports positive operating cash flow and solid revenue growth.

What risks are involved?

Risks include market competition, regulatory uncertainty, seasonal revenue patterns, and reliance on institutional contracts.

Does McGraw Hill have digital capabilities?

Absolutely. Their platforms like ALEKS and Connect offer adaptive learning and are used by millions of students worldwide.

Is McGraw Hill planning any acquisitions?

The IPO filing doesn’t detail any planned acquisitions, but proceeds may allow for future M&A opportunities in the EdTech sector.

McGraw Hill MH IPO

McGraw Hill MH IPO

Financial Disclaimer

This article is for informational purposes only and does not constitute financial advice, investment recommendations, or an offer to buy or sell securities. Please consult a certified financial advisor before making any investment decisions.