by Vipal Monga and David Marcus | Published January 9, 2009 at 2:00 PM
Grand Canyon Education Inc. was the only U.S. issuer to
complete an initial public offering in the last quarter of 2008, but
the Phoenix-based for-profit education company would have been an
unusual IPO candidate in any market. Grand Canyon sold $126 million in
stock on Nov. 20 at $12 a share, its price zoomed to $19.50 by Jan. 5,
though it has since retreated to under $18. Steven Pidgeon of DLA Piper LLP in Phoenix was issuer counsel, while Credit Suisse Group and Merrill Lynch & Co. were lead underwriters, to whom Mark Stegemoeller at Latham & Watkins LLP in Los Angeles served as counsel. Chris Meade and Matt Haggenmiller led the Merrill team while Adam Nordin and Jason Williams headed the effort at Credit Suisse.
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