New York, June 27 EST: McGraw Hill has filed for a U.S. IPO, aiming to return to the public markets with a very different business—and story—than the one it left behind. Backed by Platinum Equity since 2021, the once textbook-heavy publisher is now pitching itself as a digital-first education company with predictable subscription revenue and scalable platforms.
The company plans to list on the New York Stock Exchange under the ticker “MH”, according to an SEC filing submitted Friday. Goldman Sachs is leading the offering. No pricing range has been disclosed yet, but Platinum is reportedly targeting a multi-billion-dollar valuation.
From Textbook Staple to Recurring Revenue Engine
McGraw Hill’s pitch isn’t subtle. The physical books are still there, but they’ve become window dressing for what the company really sells now: digital learning tools, analytics, and integrated platforms used in classrooms and universities across the country. These aren’t one-time sales—they’re annual contracts, bundled services, and licensing deals with built-in renewals.
It’s a move designed for investors who value recurring revenue, not seasonal book orders. In boardroom terms, McGraw Hill is less a publisher now and more an enterprise software company that happens to know education cold.
This pivot didn’t happen overnight. Since its $4.5 billion buyout by Platinum Equity, McGraw Hill has leaned hard into ed-tech. And while it’s not Duolingo or Coursera in terms of consumer footprint, it does have something those companies lack: decades-long relationships with school districts, universities, and faculty who still rely on its content.
Second Time Around, With Better Timing
This is McGraw Hill’s second IPO attempt—a 2018 effort was pulled, reportedly due to lukewarm investor demand and strategic indecision. But the environment has shifted. The market is warmer to education-adjacent tech plays, and Platinum has had four years to trim fat, grow margins, and clean up the business.
The filing is also a classic private equity maneuver: restructure, stabilize, and sell when sentiment allows. Platinum, known for turnaround plays, has a well-documented track record of monetizing legacy assets through public exits. For them, this is about timing—and about proving that McGraw Hill can live in the same neighborhood as Pearson and Houghton Mifflin Harcourt on the public exchanges.
The Open Question: Can It Scale?
There’s plenty to like in McGraw Hill’s story, but it comes with caveats. Education is a notoriously slow-moving sector. Budgets are political. Sales cycles are long. And many schools are still figuring out how—and whether—to pay for the kind of digital infrastructure McGraw Hill is now betting on.
Add to that increasing pressure from open educational resources and cheaper alternatives, and the path forward is anything but frictionless. Investors will want to see how much of McGraw Hill’s revenue is locked in through multi-year deals versus discretionary spend, and how fast the company’s digital segment is growing relative to legacy print.
The SEC review will offer more answers in the coming weeks. Expect sharp scrutiny of customer churn, margins on digital products, and international exposure—especially as U.S. ed budgets remain patchy.
A Legacy Brand Tries to Reintroduce Itself
For Wall Street, this IPO is a test of whether a century-old name can convince investors it belongs in a modern tech portfolio. McGraw Hill’s name still carries weight in academia. Now it’s hoping that weight translates into market cap.
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A Wall Street veteran turned investigative journalist, Marcus brings over two decades of financial insight into boardrooms, IPOs, corporate chess games, and economic undercurrents. Known for asking uncomfortable questions in comfortable suits.
