(Reuters) -Phoenix Education Partners shares jumped 18.8% in their New York Stock Exchange debut on Thursday, valuing the University of Phoenix owner at $1.35 billion as it weathered a U.S. government shutdown to tap a booming IPO market.
Shares of the company opened at $38, compared with the issue price of $32. The Phoenix, Arizona-based company’s backers, Apollo Global and Vistria Group, together sold 4.25 million shares in the initial public offering on Wednesday, within its target range of $31 to $33 apiece. The IPO valued the company at $1.14 billion. IPOs have staged a long-awaited comeback this fall, but concerns mount over the effects of skeletal Securities and Exchange Commission staffing from the shutdown.
(Reporting by Ateev Bhandari in Bengaluru; Editing by Leroy Leo)
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