Houghton Mifflin Harcourt Co, the textbook publisher that emerged from bankruptcy last year, priced its initial public offering at $12 per share, below the range it guided towards earlier this month.
A total of 18.3 million shares were sold in the offering, all of which came from selling stockholders, including hedge fund billionaire John Paulson, the company's biggest stockholder with a 23 percent stake. At the listing price, the company is valued at about $1.68 billion.
Other prominent shareholders who sold their holdings in the IPO include Anchorage Funds, Avenue Capital Management II LP, and Blackrock Funds.
The Boston-based company, which has been publishing books since 1832, emerged from bankruptcy in 2012 when bondholders of some $3 billion in debt received equity in the company.
Houghton, which earlier expected to price the IPO at between $14 and $16 per share, is slated to debut on the Nasdaq on Thursday under the symbol "HMHC."
Goldman Sachs and Morgan Stanley were the lead underwriters to the offering.
Textbook publisher Houghton Mifflin Harcourt prices IPO at $12 a share
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