Grand Canyon Education, which provides online degree programs in education, business and healthcare, priced its 10.5 million share IPO at $12, the low end of the revised $12-$14 range and 29% below the midpoint of the original $16-$18 range, on Wednesday. The deal is the first U.S. IPO since Rackspace's on August 8, breaking the longest IPO drought since the 1970s. Credit Suisse and Merrill Lynch were the lead managers on the deal. The stock is expected to begin trading on the NASDAQ under the ticker "LOPE" on Thursday.
