Legacy Education, which owns and operates for-profit healthcare training colleges, raised $10 million by offering 2.5 million shares at $4.00, below the range of $5.00 to $7.00. The company had originally filed to offer 2.0 million shares, but upsized the share offering at pricing.
Note: Because the market cap at IPO was less than $50 million, Legacy Education will be excluded from Renaissance Capital's 2024 IPO stats and screens.
The Lancaster, CA-based company operates three California-based institutions: High Desert Medical College, Central Coast College, and Integrity College of Health. Legacy Education provides career-focused education primarily in the healthcare field, with degrees for nursing, medical technicians, dental assisting, business administrative, and several others. The company plans to use part of the proceeds to continue developing its offerings, with several new programs (e.g. EMT, surgical technology) expected to be offered starting in 2024.
Legacy Education plans to list on the NYSE under the symbol LGCY. Northland Securities acted as sole bookrunner on the deal.
