Houghton Mifflin Harcourt, which is a leading global publisher of educational content, primarily K-12, announced terms for its IPO on Friday. The Boston, MA-based company plans to raise $274 million by offering 18.3 million shares (100% insider) at a price range of $14 to $16. At the midpoint of the proposed range, Houghton Mifflin Harcourt would command a fully diluted market value of $2.1 billion.
Houghton Mifflin Harcourt, which was founded in 1880 and booked $1.4 billion in sales for the 12 months ended September 30, 2013, plans to list on the NASDAQ under the symbol HMHC. Goldman Sachs, Morgan Stanley, Citi, Credit Suisse and Wells Fargo Securities are the joint bookrunners on the deal.
