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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